Cryptocurrency exchange Bullish has priced its initial public offering at $37 per share, surpassing its expected range, as it prepares to list on the New York Stock Exchange under the ticker symbol “BLSH.”

The company has granted its underwriters, including JPMorgan, Jefferies and Citigroup, a 30-day option to sell an additional 4.5 million shares.

Major institutional investors BlackRock and ARK Investment Management have indicated plans to purchase up to $200 million worth of shares.

Led by former NYSE president Tom Farley and based in the Cayman Islands, Bullish operates a crypto exchange designed for institutional investors that combines decentralized finance protocols with centralized security measures.

Since launching in 2021, the platform has recorded over $1.25 trillion in total trading volume as of March 31. Bullish also owns cryptocurrency media outlet CoinDesk.

This represents Bullish’s second attempt to go public in four years. The move comes amid renewed interest in crypto-related stocks following favorable regulatory developments under the current U.S. administration.

The company counts PayPal co-founder Peter Thiel among its backers.

The listing follows several other notable crypto market debuts this year, including Circle’s $1 billion public offering in June and Galaxy Digital’s transfer to Nasdaq from the Toronto exchange. Crypto firms BitGo and Gemini have also filed confidentially for U.S. listings.

Source: CNBC.