Bullish, backed by Peter Thiel, raised its IPO size to $990 million

Bullish, the crypto exchange backed by billionaire Peter Thiel, has boosted the size of its planned initial public offering and raised its pricing ambitions, according to a filing with the Securities and Exchange Commission on Monday.

The company now aims to raise $990 million by selling 30 million shares priced between $32 and $33 each, giving it a targeted valuation of about $4.8 billion. This is a sharp step up from last week’s plan to sell 20.3 million shares at $28 to $31 apiece for a $4.2 billion valuation.

Chief executive Tom Farley, who previously served as president of the New York Stock Exchange, is leading the push to bring Bullish to Wall Street. The company has given its underwriters (JPMorgan, Jefferies, and Citigroup) a 30-day option to sell another 4.5 million shares if demand is strong.

Bullish stock will trade on the NYSE under the ticker BLSH once the deal closes. Interest from large investors is already on the table, with BlackRock and Cathie Wood’s ARK Investment Management indicating they could purchase up to $200 million worth of the offering.

Bullish joins busy crypto IPO pipeline amid rising market activity

Bullish, which also owns crypto news platform CoinDesk, is part of a fresh wave of crypto companies entering the public market. The recent run in valuations and trading activity has been helped by stronger investor sentiment and clearer regulatory backing from Washington.

In June, stablecoin issuer Circle completed its IPO. In May, Mike Novogratz’s Galaxy Digital shifted its listing to the Nasdaq, and trading app eToro also began trading publicly.

The list of pending entries is growing. Crypto custody firm BitGo has confidentially filed for a U.S. listing, and Gemini, run by Tyler and Cameron Winklevoss, is preparing for one as well. The momentum for these listings is building alongside a rally in cryptocurrencies.

Bitcoin is now close to its all-time high after an overnight move higher, trading at $119,782, up 1%, while Ether is at $4,181, down 1.6% after hitting its highest level since December 2021 on Sunday. On Friday, Ether crossed $4,000 for the first time since that month.

The rally has spilled into equities. U.S. stock futures rose earlier as investors waited for new inflation numbers, with the broader market sitting near record levels. Shares of Coinbase climbed more than 5%, Circle gained 3%, and Galaxy Digital added 8%. Strategy, a listed proxy for bitcoin, rose more than 4%. Mining companies Mara Holdings, Riot Platforms, and Iren each advanced more than 3%.

Debt growth, Asian buying, and Ether-linked gains drive momentum

Some traders had expected a slowdown in August, a month that’s typically weak for crypto, after the hot run in the second quarter. Instead, the market has stayed active, with much of the buying coming during Asia’s trading hours.

Markus Thielen, CEO of 10x Research, linked the move to the rapid expansion of U.S. debt. He pointed to President Donald Trump’s early July signing of the Big Beautiful Bill, which included a $5 trillion debt ceiling increase, as the key moment that pushed bitcoin out of its trading range.

“Bitcoin’s breakout isn’t random, it’s being fueled by the fastest U.S. debt expansion in history and that momentum isn’t slowing down,” Thielen said. He added that the $133,000 level is now the next major test for the market and that both strong and weak economic conditions could keep demand high for bitcoin and gold.

Ether-related stocks have also rallied. Bitmine Immersion Technologies jumped 25% on Monday after gaining almost the same on Friday. SharpLink Gaming rose 11%. Data from SoSoValue shows Ether exchange-traded funds brought in $326.83 million in inflows last week, topping bitcoin ETF inflows of $246.75 million.

The crypto market’s gains put it within striking distance of previous records. Bitcoin is about 3% below its July 14 all-time high, while Ether remains 14% below the peak it set in November 2021.

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