Bullish, the digital-asset exchange that also owns crypto news outlet CoinDesk, raised about $1.1 billion in its U.S. initial public offering after selling 30 million shares at $37 each—above an already increased marketing range of $32 to $33. The deal values the Peter Thiel-backed company at roughly $5.4 billion. Trading on the New York Stock Exchange under the symbol BLSH began with fireworks: the stock opened at $90, a 143% premium to the offer price, and was briefly halted after touching about $102 amid heavy demand. The opening level implies a market capitalization near $13 billion, almost triple the valuation assigned in the IPO. Investor appetite allowed Bullish to enlarge both the size and price of the offering. BlackRock and Cathie Wood’s Ark Investment Management signaled interest in buying up to $200 million of shares, while JPMorgan, Jefferies and Citigroup headed the underwriting syndicate. The listing marks a second run at the public markets for Bullish, whose earlier SPAC deal collapsed under regulatory scrutiny. Led by former NYSE president Tom Farley, the exchange targets institutional crypto traders and says cumulative trading volume has surpassed $1.25 trillion since its 2021 launch. Its debut adds to a resurgence in crypto-related flotations after Circle’s blockbuster IPO in June.