#BullishIPO

Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process," said Jeff Zell, senior research analyst at IPO Boutique.

The stock opened at $90 and was trading over 150% its IPO price of $37 in afternoon trading. It went as high as $118, before paring gains slightly to trade at $92.60.

A string of regulatory wins under a pro-crypto White House, corporate treasury adoption and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs.