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

Peter Thiel, PayPal co-founder and billionaire tech investor, has acquired 7.5% ownership of Ethereum-focused digital asset treasury (DAT) firm 180 Life Sciences Corp. Following the announcement, shares in the company jumped over 90% in early trading on Tuesday.

Bullish, a Cayman Islands-based firm that owns CoinDesk, aims for a $4.7 billion valuation amid shifting U.S. regulations.