Much of the recent success of crypto has been driven largely by increasing adoption among institutional investors. Unlike its retail-focused peers, Bullish aims to provide mainly Bitcoin and Ethereum trading for institutional clients, limiting its exposure to riskier altcoins. This could help it stand out in a crowded market.

BLSH stock nearly doubled in its market debut on Aug. 13, rising 90% above its IPO price to close at $70 per share. Now, the stock is up 20% on Aug. 14 and trading at $83.84 per share as investors clamor to buy shares in the crypto firm that caters to institutional investors.