Bitcoin (BTCUSD) tore through $124,000 last week, topping its July highs, while Ethereum (ETHUSD) also inched toward its record. The cryptocurrency market, once dismissed as a risky gamble, is now viewed as a legitimate hedge in a world drowning in debt and shaky fiat.

It's been a busy year for crypto-related stock listings. Bullish, founded in 2021 and backed by Peter Thiel, is the latest.

The ideal first-day gains are typically around 20% to 30%, many bankers who work on deals say. Bullish closed the day at $68, giving it a market capitalization of roughly $10 billion. Its stock, which trades under the symbol “BLSH,” was temporarily paused after it began trading.