Crypto exchange Bullish is increasing its IPO valuation to reach $4.8 billion after expanding the offering size. The company, which owns crypto media outlet CoinDesk, plans to sell 30 million shares in a range of $32–$33, up from an initial target of 20.3 million shares priced between $28 and $31. This increase is driven by strong interest from investors like BlackRock and ARK Invest, which are aiming to invest up to $200 million, and underwriter options for additional shares. The NYSE listing will provide funds for operational expansion and potential acquisitions. Bullish’s robust balance sheet with over $3 billion in liquid assets includes Bitcoin, Ethereum, and stablecoins, signifying its commitment to stablecoin projects. The company plans to convert a portion of IPO proceeds into U.S. dollar-pegged stablecoins. The exchange’s focus on institutional clients, along with recent acquisition of CoinDesk, has propelled its growth. Bullish operates in over 50 countries outside the U.S., and this listing will allow them to scale further.