Shares of cryptocurrency exchange Bullish jumped sharply in their first day of trading on Aug. 13, more than tripling the company’s IPO price and signaling renewed investor enthusiasm for digital asset firms in public markets.

Trading under the symbol BLSH, the stock opened at $37 and surged to an intraday high of $118 before settling near $84 in the afternoon, a gain of about 126% from its offering price.

Based on the share count in its regulatory filings, the debut placed Bullish’s market capitalization at roughly $12.2 billion. The exchange caters primarily to institutional clients, offering spot markets and derivative products tied to cryptocurrencies.

Crypto IPO momentum

Bullish’s surge adds to a string of upbeat crypto listings this year, with more expected in the coming months.

Circle, the issuer of the USDC stablecoin, saw its shares triple on their June NYSE debut and hit a peak of $299 before easing back to recent levels near $153. Meanwhile, in May, trading platform eToro gained nearly 30% on its first day on the Nasdaq.

Bullish CEO Tom Farley, a former NYSE president, previously stated that the company’s decision to go public reflects what it sees as the next growth phase for the digital asset industry.

Backed by investor Peter Thiel, Bullish first announced plans to list in 2021 through a $9 billion merger with special purpose acquisition company Far Peak. That deal was abandoned the following year amid a deep market slump and a string of crypto sector bankruptcies.

Since then, market sentiment has improved alongside a friendlier regulatory backdrop after the Trump administration rolled back many of the high-profile regulatory enforcement actions against crypto firms.

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