Bullish, a crypto exchange operator, stunned the market with a 90% rise in its stock price during its IPO, surpassing a $10 billion market cap. The company's strong institutional backing and the bullish trend in cryptocurrency paved the way for its explosive debut.

August is typically a quiet month for IPOs, but this year, Bullish, Figma and Firefly Aerospace have ignited the new-issues market.

Shares of Bullish soared 84% in the cryptocurrency exchange’s initial public offering Wednesday, highlighting the challenge of pricing an IPO in today’s exuberant market. Just last month, shares of software company Figma jumped 250% in their debut.