Crypto exchange Bullish has dramatically increased its initial public offering target to $990 million, up from an original $629 million goal, according to official filings dated August 11, 2025. This revision values the Peter Thiel-backed platform at $4.8 billion, with shares priced between $32-$33 each.
Institutional giants BlackRock and Ark Invest have committed to purchasing $200 million worth of shares, signaling robust institutional confidence. The exchange—operating across Cayman Islands, Hong Kong, U.S., Singapore, UK, Germany, and Gibraltar—reported a prior net loss of $323.42 million but demonstrates growth potential through this strategic pivot after terminating an earlier SPAC merger attempt.
Market analysts anticipate the IPO could enhance liquidity for BTC and ETH trading pairs while accelerating mainstream crypto adoption. The move reflects deepening institutional validation of digital assets as a legitimate asset class, potentially influencing regulatory clarity and attracting further capital to the sector.