Cryptocurrency exchange operator Bullish was valued at about US$13.16 billion after its shares more than doubled in their New York Stock Exchange (NYSE) debut on Wednesday (August 13).

The move highlights investor interest in digital assets and raises the likelihood of further US listings by crypto firms.

The parent company of crypto news platform CoinDesk raised US$1.11 billion in its initial public offering (IPO), giving the company a valuation of US$5.4 billion, Reuters reported.

The stock opened at US$90, compared with its IPO price of US$37, and rose as high as US$118 before trading at US$92.60.

Recent regulatory approvals, corporate adoption, and ETF inflows have supported renewed interest in the sector, pushing bitcoin to record highs.

Gemini and Grayscale are among firms that have also filed to go public.

“We’ve gone public today, and there’s a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class,”

said Bullish President Chris Tyrer in an interview with Reuters.

Bullish is finalising a two-year process to obtain a BitLicense in New York, which requires firms to meet know-your-customer, anti-money laundering, and capital requirements.

Backed by Peter Thiel, the company plans to convert part of its IPO proceeds into stablecoins.

The segment has expanded since the Genius Act, signed into law by US President Donald Trump, introduced a regulatory framework for dollar-pegged cryptocurrencies.

Bullish’s debut is one of few US listings by a crypto exchange, alongside Coinbase (COIN.O), which entered the S&P 500 (.SPX) index in May.

Founded in 2020, the firm targets institutional clients.

Featured image credit: Edited by Fintech News America, based on image by videoflow via Freepik