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 has increased the size and price of its initial public offering as the company seeks to take advantage of strong investor interest. The numbers: The digital asset platform and owner of the CoinDesk news site said it has upsized its initial public offering from 20,