While Bullish’s IPO has improved with a higher estimated price range, it’s still well under the $9 billion enterprise value it had proposed in its planned merger with a special-purpose acquisition company, or SPAC, in 2022, when the market for new stock issues was drying up. That deal was not completed.

Crypto exchange Bullish's (BLSH) shares were indicated to open in the range of $55-$60 per share, representing a ~62% jump from the initial public offering price of $37, according to a media report published Wednesday.