PANews reported on August 11th that Bullish, the Peter Thiel-backed crypto exchange, has raised its target IPO valuation to $4.82 billion, according to TechStartups. The company plans to issue 30 million shares at a price range of $32 to $33 per share, raising a maximum of approximately $990 million. The prospectus indicates that Bullish intends to convert the majority of IPO proceeds into US dollar stablecoins, though the specific issuing partner has not been disclosed. BlackRock and certain funds under ARK Investment plan to subscribe for up to $200 million in shares. Bullish has received regulatory approval in the US, Germany, Hong Kong, and Gibraltar, and is owned by CoinDesk.