Peter Thiel-backed Bullish pushes IPO target higher, eyes $4.8b valuation

With institutional buyers lined up and Bitcoin near yearly highs, Bullish is revving up its IPO engine. The exchange aims to raise $990 million in its public debut, banking on favorable conditions to secure a higher valuation of up to $4.8 billion.

According to an August 11 filing with the U.S. Securities and Exchange Commission, Bullish has significantly expanded its IPO ambitions, increasing both the size and price range of its offering.

The crypto exchange, which owns CoinDesk, now plans to sell 30 million shares at $32 to $33 apiece, up from its previous target of 20.3 million shares at $28 to $31.

The move could value Bullish at $4.8 billion and comes just days before its expected NYSE debut under the ticker “BLSH.” Per an earlier filing, anchoring the deal are BlackRock and Ark Invest, which have committed to purchasing $200 million worth of shares in a show of institutional confidence rarely seen in crypto listings.

Bullish’s stablecoin strategy and the crypto IPO gold rush

Bullish’s amended SEC filing reveals plans to convert a “significant portion” of the $990 million proceeds into dollar-pegged stablecoins, a move that mirrors the growing trend of public companies using crypto treasuries.

The exchange’s filing indicates coordination with one or more stablecoin issuers, signaling a bet that fiat-pegged digital assets can offer greater flexibility in a volatile crypto market. This approach also underscores how crypto-native firms are rewriting the rulebook on capital management.

Bullish’s upsized offering aligns with a sweeping wave of crypto IPOs energized by a sector market cap now hovering above $4 trillion. The recent surge follows a string of regulatory wins under the Trump administration, which has pushed a pro-crypto agenda reversing years of industry skepticism.

Stablecoin issuer Circle, which went public in June, has seen its shares surge 93%, a bullish signal for others waiting in the wings, including Gemini and Grayscale.

But Bullish’s ambitions also highlight a stark reality: despite its $4.8 billion target, the exchange still falls short of its $9 billion valuation attempt during the 2021 SPAC frenzy. That gap reflects both the market’s maturation and the lingering skepticism crypto businesses face when courting public investors.