Shares of Bullish, a cryptocurrency exchange backed by Peter Thiel, soared in their debut on the New York Stock Exchange Wednesday.

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.

Bullish’s exchange is powered by a so-called automated market maker. It’s a software engine that uses liquidity derived from customer assets to automatically make trades. Customers receive fees from those trades. According to Bullish, the automated market maker makes its exchange more reliable and efficient than competing platforms.