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

Bullish is the latest stock to surge in its market debut, joining others like Figma and CoreWeave, which saw stunning day-one rallies following IPOs.

Bullish’s exchange is powered by a so-called automated market maker. It’s a software engine that uses liquidity derived from customer assets to automatically make trades. Customers receive fees from those trades. According to Bullish, the automated market maker makes its exchange more reliable and efficient than competing platforms.