Thiel-backed crypto firm Bullish 'upsizes' IPO, eyes raising up to $990 million

Crypto platform Bullish, which counts billionaire tech investor Peter Thiel as an investor, said on Monday it has raised its initial public offering expectations and now wants to raise nearly $1 billion.

Last week, Bullish said it hoped to raise up to $629 million with an IPO, which would value the crypto firm at $4.2 billion.

In a statement, the company said "it has upsized its initial public offering from 20,300,000 ordinary shares to 30,000,000 ordinary shares and increased the expected price range from $28.00-$31.00 to $32.00-$33.00 per ordinary share." Thirty million shares sold at $33 per share would raise $990 million.

Bullish also said the company "intends to grant the underwriters a 30-day option to purchase up to 4,500,000 additional ordinary shares, at the initial public offering price, less underwriting discounts and commissions."

In June, Bullish confidentially filed for an initial public offering. After confidentially filing for an IPO, a company can advance its listing preparations without disclosing financial details.

Several companies, whether through IPO or digital asset treasuries (DATs), are attempting to tap the stock market to raise more capital. Circle Internet Group (ticker CRCL) had a wildling successful IPO where its shares rose over 500% just weeks after going public.