Crypto exchange Bullish, backed by Peter Thiel, is increasing its initial public offering (IPO) target size to raise up to $990 million. The company’s revised filing with the SEC seeks a valuation of $4.8 billion, marking a significant jump from last week’s proposal for $629 million and a $4.2 billion valuation. The expanded IPO involves selling 30 million shares priced between $32 and $33 each. Bullish is set to list on the New York Stock Exchange (NYSE) under the symbol BLSH. Underwriters, led by JPMorgan, Jefferies, and Citigroup, have a 30-day option to buy an additional 4.5 million shares. Institutional investors are showing strong interest in the offering with BlackRock and Cathie Wood’s Ark Investment Management agreeing to purchase up to $200 million worth of stock at IPO price. Bullish is led by Tom Farley, former president of the New York Stock Exchange. The platform focuses on regulated, liquidity-based trading for institutions and professionals.