Peter Thiel-Backed Crypto Company Upsizes IPO, Targets Nearly $5 Billion Valuation - Grayscale Bitcoin Mi

Cryptocurrency exchange Bullish increased the size and price of its upcoming initial public offering, according to a SEC filing on Monday.

The Details Of The New Offering

Bullish, backed by billionaire investor and entrepreneur Peter Thiel, will now offer 30 million shares priced between $32 and $33 each.

"We estimate that the net proceeds to us from this offering will be approximately $906.3 million, or $1,045.3 million if the underwriters exercise their option to purchase additional Ordinary Shares in full," Bullish said, assuming the midpoint price of $32.50.

The company added that the total number of shares outstanding would go up to 139,528,739 after the offering, and 150,683,739 if the underwriters exercise their option. At the top of the revised range, this would translate into a $4.97 billion valuation, up from $4.32 billion previously.

Bullish has applied to list the shares on the New York Stock Exchange under the ticker “BLSH." JPMorgan Chase & Co. (NYSE:JPM) and Jefferies Financial Group Inc. (NYSE:JEF) are the lead underwriters.

Thiel’s Big Bet On Crypto

This is Bullish’s second attempt to go public over the last four years. The company had intended to go public through a special purpose acquisition company in 2021, but the plan was scrapped in 2022 due to regulatory issues.

Thiel is known for making strategic investments in cryptocurrencies and related stocks. The fund made $1.8 billion through Bitcoin (CRYPTO: BTC) investments just before the market collapsed in 2022. It then purchased another $100 million in Bitcoin in 2023, when it was trading below $30,000.

Through his Founders Fund, Thiel has also acquired a 9% stake in Ethereum (CRYPTO: ETH) treasury company Bitmine Immersion Technologies Inc. (NASDAQ:BMNR).

As of this writing, the BMNR stock demonstrated a very high Momentum score. Visit Benzinga Edge Stock Rankings to see how it compares with Circle Internet Group Inc (NYSE:CRCL), a recent entrant to Wall Street.