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

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 ...