Bullish Ups IPO to $990M, Eyes $4.8B Valuation on Fintech Growth

Bullish, the fintech platform backed by Peter Thiel and owner of CoinDesk, has raised its IPO target to $990 million ahead of its New York Stock Exchange listing, setting a path to a potential $4.8 billion valuation at the top of its price range [1]. The company plans to issue 30 million shares at $32 to $33 each, a significant increase from its initial $629 million offering announced earlier this month [2]. This 57% jump in fundraising ambition reflects strong investor demand and growing confidence in the digital-asset and fintech space [3].

Bullish is seeking to capitalize on rising interest in commission-free trading and integrated financial services. The platform offers a no-fee trading app and a rewards credit card designed to drive user engagement and generate additional revenue streams [4]. The credit card, which offers cashback incentives, also brings interchange fees into Bullish’s financial model, diversifying its income beyond traditional trading commissions [5].

The firm’s decision to go public directly on the NYSE rather than through a SPAC—a previous $9 billion merger deal paused in 2022—highlights its current strategic confidence and favorable market conditions [6]. Institutional and retail investors are expected to play a key role in the offering, with JPMorgan Chase, Jefferies, and Citigroup acting as lead underwriters [7]. The company will trade under the ticker symbol BLSH.

The timing of Bullish’s IPO coincides with a broader trend of increased crypto and fintech listings. Earlier this year, stablecoin issuer Circle Internet Financial raised $1.2 billion through its public offering, signaling a shift in how digital-asset companies access capital [8]. Analysts view Bullish’s upsized IPO as an indicator of growing momentum in the sector, where firms are increasingly able to secure higher valuations and broader market acceptance [9].

A successful public offering could set a precedent for future listings, potentially encouraging more cryptocurrency and fintech companies to pursue traditional IPOs rather than SPACs or reverse takeovers [10]. Bullish’s growth strategy, supported by Thiel’s long-term vision and institutional backing, positions it as a key player in the evolving financial services landscape.

Sources:

[1] Bullish Announces $990M IPO Proceeds and $4.8B Valuation (https://blockonomi.com/peter-thiel-backed-bullish-eyes-4-8b-value-after-990m-ipo-boost/)