Cryptocurrency exchange Bullish has significantly increased the size of its initial public offering (IPO), now aiming to raise up to $990 million. The company has expanded its IPO offering to 30 million shares priced between $32 and $33 each, a notable increase from the previous 20.3 million shares at $28-$31 range. The updated market capitalization estimate is projected to reach approximately $4.8 billion, up from the previous $4.2 billion, according to its SEC filing. This trend of increased IPO activity in the cryptocurrency sector can be attributed to recent successful offerings like Circle’s IPO which raised $1.2 billion in June 2025. Analysts have linked this surge to favorable policies under the Trump administration and positive market signals such as Circle’s debut, leading to a rise in overall market valuations.