Crypto exchange Bullish sold 30 million shares at $37 each in its U.S. initial public offering, topping an already-raised marketing range of $32 to $33. The sale will generate roughly $1.1 billion in gross proceeds and values the Peter Thiel-backed company at close to $5 billion. Bullish had lifted both the size and price of the deal a day earlier—from 20.3 million shares at up to $31 apiece—after bankers said demand was running well ahead of supply. Books remained oversubscribed even after the upsizing, according to people familiar with the transaction. The operator of the CoinDesk media outlet had originally sought to list through a $9 billion SPAC merger that was scrapped in 2022. JPMorgan led the latest offering, which comes amid a rebound in new-issue activity in cryptocurrencies and other high-growth sectors.