Peter Thiel-Backed Bullish Raises $1.1B In Oversubscribed IPO As Traders Gear Up For NYSE Debut

Cryptocurrency trading and media firm Bullish announced on Wednesday that it has raised $1.1 billion in its initial public offering (IPO), exceeding its earlier target.

It sold 30 million shares at $37 each, higher than its previously set range of $32 to $33, valuing the company at $5.4 billion.

Bullish, backed by billionaire investor Peter Thiel, offers cryptocurrency spot trading, margin trading, and derivatives trading, with a focus on institutional investors. It also owns the crypto news outlet CoinDesk.

Bullish shares will begin trading on Wednesday on the New York Stock Exchange under the ticker symbol "BLSH,” which has seen its retail trader following surge by 177% on Stocktwits over the past seven days.

The listing comes during a favourable period for cryptocurrencies, largely due to the policies of the Trump Administration. Last month, President Donald Trump signed a law to establish a regulatory framework for stablecoins, marking a significant victory for cryptocurrency supporters.

Earlier this week, Bullish increased the number of shares it planned to offer from 20.3 million and raised the price range. According to a Bloomberg report, citing sources, the IPO was still more than 20 times oversubscribed.

Stablecoin issuer Circle Internet also upsized its initial IPO in early June on strong investor demand. Its shares have increased more than 400% since then.

In 2021, Bullish announced plans to go public via a special purpose acquisition company (SPAC) merger, but abandoned the effort the following year.

JPMorgan, Jefferies, and Citigroup are the lead underwriters for the IPO.

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