Much of the recent success of crypto has been driven largely by increasing adoption among institutional investors. Unlike its retail-focused peers, Bullish aims to provide mainly Bitcoin and Ethereum trading for institutional clients, limiting its exposure to riskier altcoins. This could help it stand out in a crowded market.

Bullish's shares were indicated to open more than 75% above their initial public offering price on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S.