Recently, I noticed a pretty interesting crypto financing case. A digital asset exchange called Bullish performed extremely well in its IPO, raising as much as $1.1 billion in one go. It was ultimately priced at $37, which is higher than the originally expected $32 to $33, showing that the market’s interest in it is really significant.

Even more outrageous is that this IPO was oversubscribed by more than 20 times. Can you imagine? In other words, so many institutions wanted to get in. According to public information, BlackRock and Ark Invest jointly subscribed for $200 million worth of shares—something that by itself says a lot.

Based on the final offering price, Bullish’s valuation reached $5.4 billion, which is a pretty solid result among crypto exchanges. They sold a total of 30 million shares, and are expected to be listed on the New York Stock Exchange, with the trading symbol “BLSH”.

What’s interesting is that Bullish’s management background is also quite strong. The CEO is Tom Farley, a former president of the New York Stock Exchange—this guy is very familiar with the way traditional financial markets work. Major shareholders include Brendan Blumer, the CEO of Block.one, who holds about 30.1%, and board member Kokuei Yuan, who holds about 26.7%.

From a business standpoint, Bullish mainly handles spot trading, margin trading, and derivatives trading, and its core customer base is institutional investors. This positioning also explains why it can attract so many large asset management firms. J.P. Morgan, Jefferies, and Citigroup, as underwriters, also took part.

To be honest, Bullish’s IPO performance really reflects that demand for crypto financial infrastructure is still very strong. The industry’s fundraising fervor hasn’t cooled off, and this trend is worth continuing to watch.