Bullish Targets $990 Million IPO as Thiel-Backed Crypto Firm Revises Plan

- Peter Thiel-backed crypto platform Bullish boosts IPO target by over 57%. - Company targets $990 million raise with a $4.2 billion valuation, pricing shares at $32–$33. Bullish, the cryptocurrency platform backed by Peter Thiel, has significantly raised its initial public offering (IPO) size from $629 million to $990 million. According to a report from The Block on August 11, 2025, the company will now offer 30 million ordinary shares at a price range of $32 to $33 each. As a result, this revised offering increases the firm’s IPO target by over 57% and pushes its potential valuation to $4.2 billion. This decision follows the company’s confidential IPO filing in June 2025, and Bullish expects trading on the stock market to begin the day after the offering prices on Tuesday. By increasing its IPO size and price, Bullish joins a broader trend of crypto firms using public markets to raise capital. Notably, Circle Internet Group, the issuer of the USDC stablecoin, also completed its IPO in June 2025, with its stock price surging over 500% in the weeks following its debut, highlighting robust investor appetite for crypto-related opportunities. This marks Bullish’s latest attempt to go public, as an earlier plan to launch through a special purpose acquisition company (SPAC) deal fell through in 2022. The institutional-grade crypto exchange also counts prominent investors among its backers, including Founders Fund, Block.one, Louis Bacon, and Richard Li. In addition, the company announced in its IPO filing that it will convert a significant portion of the proceeds into U.S. dollar-denominated stablecoins, a strategy that underscores its focus on financial stability and long-term planning. According to CoinMarketCap, as of 12:00 UTC on August 11, Bitcoin (BTC) was trading at $29,530, reflecting a 1.7% increase in 24-hour trading volume. Meanwhile, Ethereum (ETH) was trading at $1,864, with its volume up 2.2% over the same period.