Crypto exchange Bullish priced its IPO at $37 per share, above its expected range, giving it a market value of more than $5 billion.

Bullish is the latest stock to surge in its market debut, joining others like Figma and CoreWeave, which saw stunning day-one rallies following IPOs.

Bullish's shares were indicated to open more than 75% above their initial public offering price on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S.