#BullishMomentum #ETH5kNext? $ETH

Bullish is joining a growing wave of public crypto companies entering U.S. markets under President Donald Trump’s administration.

Backed by Peter Thiel, the crypto exchange raised $1.11 billion in its IPO, selling 30 million shares at $37 each—above the already increased $32–$33 range, Bloomberg reported. The pricing gives Bullish a market valuation of roughly $5.41 billion, with shares set to debut on the New York Stock Exchange under the ticker BLSH. JPMorgan, Jefferies, and Citigroup led the deal, while BlackRock and ARK Invest expressed interest in purchasing up to $200 million worth of stock, according to Reuters.

The listing concludes an aggressive marketing campaign. Earlier this week, Bullish raised both the deal size and the price range to target as much as $990 million in proceeds, as reported by The Block. Wednesday’s final terms surpassed even that goal, reflecting strong investor demand ahead of pricing.

Bullish had filed confidentially in June and submitted its public registration with the SEC in July, marking a renewed push to go public after a 2021 SPAC merger collapsed in 2022.

The IPO underscores the reopening of U.S. crypto capital markets and comes amid a broader wave of crypto-related listings, with firms pursuing IPOs or digital asset treasury strategies to access public funding. Investor optimism has been lifted by favorable policy developments—such as the signed GENIUS Act—and improving market conditions.

Circle’s (CRCL) blockbuster June IPO, which saw shares soar 500% above the listing price within weeks, has further fueled market enthusiasm. Several other companies, including Mike Cagney’s Figure Technology, Grayscale, and BitGo, have also filed listing documents with regulators.