The S&P 500 closed at a record high Tuesday, and companies that went public in the U.S. this year are up 25% on average from their IPO prices, according to Dealogic. The IPO classes of each of the last five years all trade more than 20% below their IPO prices on average, Dealogic data show.

Bullish shares jumped 143% from the IPO price after the digital-asset exchange operator and owner of media outlet CoinDesk raised $1.1 billion in an initial public offering. Shares of the Cayman Islands-based company opened at $90 each on Wednesday,