Reuters: IPOX® VP Kat Liu on Bullish’s Upsized IPO and Crypto Market Momentum

Reuters reports that Peter Thiel-backed crypto exchange Bullish has increased the size of its initial public offering, now targeting a valuation of up to $4.82 billion. The company aims to raise as much as $990 million by selling 30 million shares priced between $32 and $33 each. This comes amid renewed investor enthusiasm for digital assets, with the global crypto market recently reaching a $4 trillion valuation.

In the article, Kat Liu, Vice President at IPOX, offered multiple insights: "In many cases the initial price range is set well below a company's last private valuation or below what the company had originally hoped for."

On the broader crypto IPO market, she noted: "(Crypto exchange) Kraken is slated for a 2026 IPO. Gemini has already filed, and these names carry more brand weight."

She added that while Bullish may not be the definitive bellwether for the sector, its debut will be a closely watched test case for future listings.

Commenting on Bullish’s plan to convert IPO proceeds into stablecoins, Liu said: "Deploying proceeds into stablecoins allows Bullish to move quickly in building infrastructure and expanding crypto-native activities that align with its core market."

Read the full article by Ateev Bhandari on Reuters: 
https://www.reuters.com/technology/peter-thiel-backed-bullish-targets-up-482-billion-valuation-upsized-ipo-2025-08-11/