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.

Bullish, a cryptocurrency exchange operator that counts billionaire Peter Thiel amongst its backers, said its U.S. initial public offering was priced above its indicated range at $37 per share. The offering raised $1.

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