Peter Thiel-Backed Bullish Targets $4.82B Valuation After Upsizing US IPO

Peter Thiel-backed crypto exchange Bullish (BLSH) boosted the size of its U.S. initial public offering on Monday, targeting a valuation of up to $4.82 billion. 

Bullish now plans to raise as much as $990 million by selling 30 million shares at $32 to $33 each, up from its earlier plan to sell 20.3 million shares at $28 to $31 apiece. The stock is expected to list on the New York Stock Exchange on Wednesday under the ticker symbol “BLSH.” On Stocktwits, retail sentiment around the company remained in the ‘bullish’ zone over the past day. The ticker already had more than 1,000 followers on the platform.

A Stocktwits user expects the stock to surge 50% after its launch. 

Bullish, led by CEO Thomas Farley, who previously served as president of the New York Stock Exchange, operates a crypto-trading exchange targeting institutions. Bullish is also the company behind crypto news website CoinDesk, which it acquired from Barry Silbert’s Digital Currency Group in 2023.

It plans to convert a significant portion of its proceeds from the IPO to U.S.-dollar-denominated stablecoins with the assistance of one or more issuers of such tokens, the company said in its filing.  The filing also showed that Bullish reported a loss of $349 million in the first quarter of 2025, compared with a profit of $105 million a year earlier.

Companies that have turned to crypto and related technology have rallied this year on the back of the Trump administration’s crypto-friendly stance. Circle Internet Group (CRCL), the company behind stablecoin USDC, launched its IPO earlier this year and has more than doubled in value since. 

Others have taken the path of accumulating cryptocurrencies as a treasury asset. On Monday, shares of Bitmine Immersion Technologies (BMNR) surged over 12% in pre-market trade after the company announced it had boosted its Ethereum (ETH) holdings from 833,137 to 1.15 million tokens. BMNR’s stock has gained more than 500% this year and upwards of 350% over the past 12 months.

Read also: BMNR Soars On Ethereum’s 4-Year High, As Bitcoin Approaches Record

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