It's been a busy year for crypto-related stock listings. Bullish, founded in 2021 and backed by Peter Thiel, is the latest.

The ideal first-day gains are typically around 20% to 30%, many bankers who work on deals say. Bullish closed the day at $68, giving it a market capitalization of roughly $10 billion. Its stock, which trades under the symbol “BLSH,” was temporarily paused after it began trading.

The market rally stalled a bit off the back of hotter-than-expected inflation data. But investors aren't panicking. Why it matters: Investors see the price pressures as proof that consumers can handle more — and that companies can cash in.