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, a cryptocurrency exchange operator that counts billionaire Peter Thiel amongst its backers, said its U.S. initial public offering was priced above its indicated range at $37 per share.

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

A Stellar Debut for Bullish Bullish (NYSE:BLSH) is a cryptocurrency exchange that is backed by Peter Thiel. It made a thunderous entrance into the public markets with its initial public offering (IPO) yesterday,

The S&P 500 closed at a record high Tuesday, and companies that went public in the U.S. this year are up 25% on average from their IPO prices, according to Dealogic. The IPO classes of each of the last five years all trade more than 20% below their IPO prices on average, Dealogic data show.