Peter Thiel-backed cryptocurrency exchange Bullish surged more than 170 per cent on its market debut after an upsized initial public offering, in a further sign of investors’ strong demand for digital asset stocks.

Peter Thiel, PayPal co-founder and billionaire tech investor, has acquired 7.5% ownership of Ethereum-focused digital asset treasury (DAT) firm 180 Life Sciences Corp. Following the announcement, shares in the company jumped over 90% in early trading on Tuesday. At press time, 180 Life Sciences Corp (ATNF) is trading at $9.490, up 182%.

Shares of Bullish, a cryptocurrency exchange backed by Peter Thiel, soared in their debut on the New York Stock Exchange Wednesday.