Bullish, the exchange supported by Peter Thiel, has raised its IPO target valuation to $4.82 billion.

The signal for 'seizing the window' in the primary market is very clear: the profitability elasticity of the exchange has been reassessed.

Who is the secondary mapping? A comparative valuation of the Coinbase system with market-making/custody.

If the issuance goes smoothly, the sector premium may spill over to compliant infrastructure.

This wave is not just a story; it is a real financing rebound.