Bullish’s exchange is powered by a so-called automated market maker. It’s a software engine that uses liquidity derived from customer assets to automatically make trades. Customers receive fees from those trades. According to Bullish, the automated market maker makes its exchange more reliable and efficient than competing platforms.

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.

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.