Shares of Bullish, a cryptocurrency exchange backed by Peter Thiel, soared in their debut on the New York Stock Exchange Wednesday.

Crypto exchange Bullish is targeting a valuation of up to $4.23 billion in its United States listing, the company said in a filing on Monday, launching its roadshow to capitalize on the momentum built by digital assets amid regulatory clarity.

Since U.S. President Donald Trump's tariffs shock in April, IPOs have significantly outperformed the benchmark S&P 500 index ( SP500 ). The Renaissance IPO ETF ( NYSEARCA: IPO) has surged +60.9% since its April low, compared to a +33.4% rise in the S&P, or nearly double.