[US IPO] Bullish Sets $990M IPO Target in 58% Upsizing Bid; Next Crypto Blockbuster in Sights?

TradingKey - Crypto platform Bullish has significantly increased its planned initial public offering (IPO) funding from $629 million to $990 million — a 58% surge — driven by surging institutional investor demand and rebounding digital asset prices including Bitcoin.

Per Monday’s SEC filing, the company raised its price range from $28–31 to $32–33 per share, lifting its valuation from $4.2 billion to $4.8 billion.

The IPO is jointly underwritten by Wall Street titans JPMorgan Chase, Jefferies, and Citigroup, signaling a growing embrace of the crypto sector by traditional finance.

Global asset management giant BlackRock and ARK Investment Management have committed as cornerstone investors, pledging to purchase up to $200 million in shares at IPO pricing — providing robust endorsement for Bullish’s listing.

An increasing number of cryptocurrency companies are seeking to go public through IPOs, blank check mergers, or reverse acquisitions. The Trump administration has openly embraced and regulated the industry, creating a more favorable policy environment.

For example, stablecoin issuer Circle Internet Group Inc. soared nearly 10-fold to $298 per share after listing at $31 in June 2025, reaching a $49.8 billion market cap — setting a bullish precedent for subsequent listings like Bullish.

Founded in 2021, Bullish was incubated by blockchain pioneer Block.one alongside Silicon Valley star investor Peter Thiel. Thiel participated strategically through Founder’s Fund and Thiel Capital, with other major backers including hedge fund titan Alan Howard and Japan’s Nomura Securities.

Bullish holds approximately 24,000 Bitcoin — currently valued over $3 billion — ranking among the top five Bitcoin-holding public companies globally. In November 2023, the firm expanded into crypto media by acquiring prominent news platform CoinDesk from Digital Currency Group (DCG) in a $72.6 million deal.