Bullish, the Peter Thiel-backed cryptocurrency exchange, debuted on the stock market with a successful IPO, priced at $37 per share, exceeding its initial range and raising $1.11 billion. Peter Thiel was one of the first outside investors of Mark Zuckerberg's Facebook.

Bullish, the crypto exchange backed by Peter Thiel, raised $1.1 billion in its IPO on Tuesday after pushing its share price higher than expected.

Bullish's shares were indicated to open more than 75% above their initial public offering price on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S.