Crypto exchange Bullish surged on Wednesday after the company raised about $1.1 billion in an initial public offering.

The Peter Thiel-backed cryptocurrency exchange Bullish raised the size of its initial public offering on Monday.

Crypto exchange Bullish priced its IPO at $37 per share, above its expected range, giving it a market value of more than $5 billion.

Crypto exchange Bullish surged on Wednesday after the company raised about $1.1 billion in an initial public offering.

Bullish's IPO this week is another sign that the market is swinging wide open after a prolonged dry spell.