While Bullish’s IPO has improved with a higher estimated price range, it’s still well under the $9 billion enterprise value it had proposed in its planned merger with a special-purpose acquisition company, or SPAC, in 2022, when the market for new stock issues was drying up. That deal was not completed.

Bullish increased the size and price of its initial public offering, boosting the potential deal size to $990 million from about $629 million as crypto-related companies look to ride high investor interest.