11-8-2025 – Strong institutional appetite for digital asset exposure drove Bullish to dramatically expand its public offering, with the Peter Thiel-backed crypto exchange now seeking nearly $1 billion at a $4.82 billion valuation—a clear signal that Wall Street’s crypto skepticism continues eroding. The upsized deal reflects growing conviction among traditional finance players that established crypto platforms represent compelling long-term investment opportunities.

Bullish increased its share offering by nearly 50% to 30 million shares priced between $32-$33, up from the initial 20.3 million shares at $28-$31, according to Reuters. The pricing premium and expanded size suggest robust demand from institutional investors who view regulated crypto exchanges as critical infrastructure for digital asset adoption. Major underwriters JPMorgan, Jefferies, and Citigroup backing the NYSE debut under ticker “BLSH” adds traditional finance credibility to the offering.

The upsizing contrasts sharply with the cautious crypto IPO market of recent years, when regulatory uncertainty kept many platforms private. Bullish’s confidence in pursuing aggressive valuation targets indicates management believes current market conditions favor crypto infrastructure plays, particularly those with institutional backing and compliance-first approaches.