Bullish Cryptocurrency Exchange Expands IPO Plans To $5 Billion

Peter Thiel-backed cryptocurrency exchange Bullish has announced a significant increase in the size of its initial public offering (IPO), aiming to raise approximately $990 million. 

According to a recent filing with the US Securities and Exchange Commission (SEC), the company plans to offer 30 million shares priced between $32 and $33 each, targeting a market valuation of around $4.8 billion. 

This marks a notable shift from its earlier proposal, which included the sale of 20.3 million shares at a lower price range of $28 to $31, with a valuation goal of $4.2 billion.

Bullish Crypto Exchange Sets IPO Plans

Led by former New York Stock Exchange (NYSE) president Tom Farley, Bullish has granted its underwriters—comprising JPMorgan, Jefferies, and Citigroup—a 30-day option to sell an additional 4.5 million shares. 

Once the new offering is completed, the crypto exchange’s stock will be traded on the New York Stock Exchange under the ticker symbol “BLSH.”

In a show of confidence, major investment firms such as the world’s largest asset manager, BlackRock, and Cathie Wood’s ARK Investment Management, have expressed interest in acquiring up to $200 million worth of BLSH shares. 

This interest reflects a broader trend of renewed investor enthusiasm and regulatory support for the cryptocurrency sector under President Donald Trump’s new administration, as evidenced by recent successful market entries, including the notable debut of stablecoin issuer Circle (CRLC).

Joining Crypto Firms On Public Markets

The Bullish crypto exchange founded in the “year of the bull,” 2021, has also outlined plans to convert a significant portion of the initial public offering proceeds into stablecoins, collaborating with one or more dollar-pegged cryptocurrency issuers to facilitate this transition. 

This decision follows the recent signing of the GENIUS Act into law by President Donald Trump. The country’s first crypto bill establishes a new framework for stablecoins to thrive and integrate into the traditional finance sector.

Despite its ambitious plans and the positive market climate, Bullish reported a loss of $349 million for the quarter ending March 31, a stark contrast to the $105 million profit it recorded during the same period last year. 

As Bullish prepares for its IPO, it joins a wave of crypto firms entering public markets, including Mike Novogratz’s Galaxy Digital, which recently uplisted to Nasdaq, and eToro, which has opened trading to the public. 

Additionally, crypto custody startup BitGo and the Winklevoss-run Gemini crypto exchange have both confidentially filed for US listings, signaling a renewed interest in cryptocurrency investments under a more favorable regulatory environment in the US. 

Amid these developments, the total cryptocurrency market capitalization hit a new record high of $4 trillion on Monday, with Bitcoin (BTC) once again surpassing the $120,000 threshold. 

However, despite Monday’s early momentum, the total market cap has since retraced and stabilized at around $3.93 trillion.

Featured image from DALL-E, chart from TradingView.com 

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