Peter Thiel Backed Bullish Upsizes IPO to Nearly $1B Amid Crypto Capital Market Surge

The Peter Thiel backed digital asset platform Bullish has significantly raised the stakes on its Wall Street debut, increasing its IPO target from $629 million to as much as $990 million.

This move positions it among the most extensive crypto-related public offerings in recent years, after Circle’s $1.1Bn launch earlier this Year.

The Cayman Islands-based firm announced Monday that it has increased its offering from 20.3 million to 30 million ordinary shares while hiking the expected price range from $28–$31 to $32–$33 per share.

At the top of that range, Bullish would raise $990 million, with an additional 4.5 million shares available to underwriters under a 30-day purchase option.

Everything to Know About Peter Thiel’s New IPO

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The listing, expected on the New York Stock Exchange under the ticker “BLSH”, comes after Bullish confidentially filed for an IPO in June, a process allowing companies to advance listing preparations without revealing financials until late in the cycle.

J.P. Morgan and Jefferies are lead book-runners, joined by Citigroup, Cantor Fitzgerald, Deutsche Bank, and Société Générale.

Bullish describes itself as an institutionally focused global digital asset platform. It operates the Bullish Exchange, a regulated spot and derivatives venue integrating an automated market maker with a central limit order book to provide deep liquidity.

It also owns CoinDesk, including its data indices, market analytics, and media operations.

Founded in 2021 out of Block.one’s $10 billion war chest, Bullish’s backers include Thiel, Alan Howard, and Mike Novogratz, alongside Japanese banking giant Nomura.

The company currently holds licenses in Germany, Hong Kong, and Gibraltar, positioning it to target Western and Asian institutional flows.

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Why Now For Bullish IPO Push?

The timing is notable. Bullish’s IPO push follows a wave of digital asset listings riding renewed bullish sentiment in capital markets.

Stablecoin issuer Circle saw its stock surge over 500% in the weeks after its IPO, while Kraken and Grayscale are preparing their own public market entries.

The offering marks another test case for crypto investors for how traditional equity markets value regulated digital asset infrastructure, highlighting sustained institutional demand for crypto-related products.

“We believe the digital assets industry is beginning its next leg of growth. Becoming a publicly traded company provides credibility with partners and regulators, access to capital, and an equity currency for strategic acquisitions,” said CEO Tom Farley as he explained the growth play.

If demand meets expectations, the nearly $1B raise could give Bullish substantial dry powder to expand market share, acquire distressed competitors, and cement its position as one of the few crypto-native firms trading at scale in U.S. public markets.

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Why Does This Matter For You?

For the average retail investor, Bullish’s IPO matters because it’s a rare chance to ride crypto’s growth without having to navigate wallets, private keys, or token volatility.

If you believe digital assets will keep expanding, owning shares in a platform like Bullish means you’re betting on the “picks and shovels” of the industry, the exchanges, data providers, and market infrastructure that profit whether prices are booming or dipping.

It’s a way to get crypto exposure through a normal stock account, with all the benefits of regulated markets and none of the headaches of managing coins yourself.

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Peter Thiel Backed Bullish Upsizes IPO to Nearly $1B Amid Crypto Capital Market Surge

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