While Bullish’s IPO has improved with a higher estimated price range, it’s still well under the $9 billion enterprise value it had proposed in its planned merger with a special-purpose acquisition company, or SPAC, in 2022, when the market for new stock issues was drying up. That deal was not completed.

Bullish increased the size and price of its initial public offering, boosting the potential deal size to $990 million from about $629 million as crypto-related companies look to ride high investor interest.

August is typically a quiet month for IPOs, but this year, Bullish, Figma and Firefly Aerospace have ignited the new-issues market.

The ideal first-day gains are typically around 20% to 30%, many bankers who work on deals say. Bullish closed the day at $68, giving it a market capitalization of roughly $10 billion. Its stock, which trades under the symbol “BLSH,” was temporarily paused after it began trading.

Bullish shares jumped 84% from the initial public offering (IPO) price after the digital-asset exchange operator and owner of media outlet CoinDesk raised US$1.1bil in an IPO.