Bullish, the cryptocurrency exchange operator backed by billionaire Peter Thiel, announced that its U.S. IPO was priced at $37 per share, above its earlier target range of $32–$33. The sale of 30 million shares generated $1.11 billion and valued the company at $5.41 billion. The debut comes as U.S. IPO activity shows signs of recovery after more than two years of slowdown. Earlier this year, stablecoin issuer Circle Internet boosted its IPO size in June on strong demand, with its shares soaring over 400% since listing. Design software company Figma also saw a 250% jump in its market debut just two weeks ago.

With this listing, Bullish becomes part of a growing wave of crypto firms entering public markets, encouraged by crypto-friendly regulations introduced under the Trump administration. In July, President Trump signed legislation establishing a regulatory framework for stablecoins—cryptocurrencies tied to the U.S. dollar—seen as a major win for industry advocates seeking greater legitimacy for the sector.

Led by former New York Stock Exchange president Tom Farley, Bullish runs an exchange offering spot crypto trading, futures, and derivatives, and owns the media outlet CoinDesk. Trading under the ticker “BLSH” on the NYSE is set to begin Wednesday. Institutional players, including BlackRock and Cathie Wood’s Ark Investment Management, have pledged to purchase up to $200 million in shares from the IPO. JPMorgan, Jefferies, and Citigroup are serving as lead underwriters.