A string of regulatory wins under a pro-crypto White House, corporate treasury adoption and ETF inflows have prompted investors to embrace the once-scorned digital asset class.

Bullish's stock more than doubled as it opened trading Wednesday, a day after the crypto exchange operator raised $1.11 billion in an IPO at $37 per share. Why it matters: It's the latest IPO to come hot out of the gate, and another win for the crypto sector after a long lull in public listings.

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