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

Peter Thiel-backed cryptocurrency exchange Bullish surged more than 170 per cent on its market debut after an upsized initial public offering, in a further sign of investors’ strong demand for digital asset stocks.

The first trade in crypto-trading platform Bullish's stock was at $90 at 1:01 p.m. Eastern for 4.6 million shares, or 143.2% above the IPO pricing of $37. The strong opening comes after the number of shares sold was upsized to 30 million from an original expected offering of 20.