“Bullish's $1.1 billion IPO raise reflects growing institutional confidence in the crypto exchange sector, driven by a favorable regulatory environment under the Trump administration and Bitcoin's surge past $100,000,” said Ryan Lee, chief analyst at Bitget Research.

Cryptocurrency exchange Bullish Inc (NYSE:BLSH) began trading Wednesday at $90, 143% above its initial public offering price of $37 per share, almost immediately spiking into a volatility halt at $102.