Bullish Upsizes IPO to $990M Amid Strong Institutional Demand

Bullish, a cryptocurrency infrastructure firm backed by Peter Thiel, has raised the size of its initial public offering (IPO) to $990 million, representing a valuation of $4.8 billion [1]. The company has also expanded its price range for shares from $28–$31 to $32–$33, with plans to issue 30 million shares [3]. This revision reflects strong demand from institutional investors, with commitments from BlackRock and Ark Invest to purchase up to $200 million of shares [2]. The move signals a growing appetite for crypto-related assets and infrastructure as the sector continues to gain mainstream traction.

The IPO increase follows Bullish’s strategic repositioning in the market after terminating a prior SPAC merger and pivoting to a direct public offering. Despite reporting a net loss of $323.42 million in its latest financial disclosure, the firm has demonstrated operational resilience and a clear growth trajectory. Its global footprint includes key jurisdictions such as the Cayman Islands, Germany, and Singapore, supporting its ambitions to expand its market presence.

The company's valuation increase also highlights the growing interest in crypto infrastructure services, particularly as regulatory clarity and institutional adoption continue to evolve. Bullish’s ownership of CoinDesk, a major crypto media outlet, adds to its influence in the industry, enhancing visibility and credibility.

From an analytical standpoint, the upsized IPO suggests that investors are placing a premium on firms with clear utility in the crypto ecosystem. The participation of major asset managers like BlackRock and Ark Invest further validates the company’s long-term potential. However, the ultimate success of the offering will depend on execution and prevailing market conditions.

Regulatory compliance remains a key focus for the firm, with ongoing SEC-related processes expected to shape its public market trajectory. Technological advancements are also anticipated to reinforce Bullish’s competitive positioning as the crypto exchange landscape continues to evolve.

Source: [1] Thiel-Backed Bullish Upsizes IPO to $990M at $4.8B

(https://coingape.com/thiel-backed-bullish-upsizes-ipo-to-990m-at-4-8b/)

[2] Coinbase Is Becoming a Major Ethereum-Focused Player, ...

(https://www.coindesk.com/markets/2025/08/11/coinbase-is-becoming-a-major-ethereum-focused-player-bernstein-says)

[3] Trends | People-Powered News

(https://dissenter.com/feed/6467df7496cf264b15ddadbf/item/689a01a27ea23b41e8a5e249)