Shares of Bullish (BLSH), the cryptocurrency exchange operator and owner of CoinDesk, soared a staggering 144.95% in its New York Stock Exchange debut on Wednesday. This remarkable surge came after the company priced its initial public offering (IPO) at $37 per share, well above its initial range, raising $1.11 billion and valuing the company at $5.41 billion.

The explosive start to trading saw Bullish shares open at $90, more than doubling its IPO price and reflecting intense investor appetite for crypto-related stocks. This enthusiasm was evident in the lead-up to the IPO, with Bullish increasing both the size and price of its offering in response to strong demand. The company sold 30 million shares, up from the initially planned 20.3 million, and priced them above the already raised range of $32 to $33.

Bullish's successful debut can be attributed to several factors. Led by former New York Stock Exchange president Tom Farley, the company has attracted high-profile backers, including billionaire Peter Thiel, BlackRock, and Cathie Wood's ARK Investment Management. These institutional investors committed to purchasing up to $200 million worth of shares in the offering, signaling confidence in Bullish's prospects. Additionally, the company's ownership of CoinDesk, a leading crypto media outlet, and its operation of a trading platform that has handled over $1.25 trillion in digital asset trades since its 2021 launch, have positioned it as a major player in the cryptocurrency space.

The timing of Bullish's IPO aligns with a resurgence of interest in cryptocurrency-related stocks, buoyed by favorable regulations under the Trump administration and recent successful public debuts of other crypto firms. This IPO marks another significant milestone in the mainstream adoption of digital assets and highlights the growing appetite among traditional investors for exposure to the crypto industry.