By Bullish, an institutionally-focused digital asset platform that’s going public on the New York Stock Exchange, received over $1.15 billion in stablecoins as proceeds of its initial public offering, the company has announced.
According to Bullish (NYSE: BLSH), most of the stablecoins were minted on the Solana blockchain, led by US dollar-pegged Circle stablecoin USDC.
With other stablecoins also making up the IPO proceeds, the raise marks a historic step for the crypto ecosystem, particularly the burgeoning stablecoin market that’s getting significant traction in the United States.
“Bullish’s innovative use of stablecoins in their IPO marks a significant milestone for the digital asset ecosystem. This achievement underscores the transformative potential of stablecoins in modernizing financial systems, and we’re proud that Coinbase’s custody solution is supporting this historic moment,” said Greg Tusar, vice president of institutional product at Coinbase. ”With evolving regulatory clarity, including the GENIUS act, leading businesses like Bullish are better positioned to unlock the full potential of crypto for businesses and consumers alike.”
USDC, PayPal USD and Ripple USD
As Peter Thiel-backed Bullish notes, the majority of the stablecoins used in the IPO were minted on Solana and settled in Circle’s USDC.
Some of the proceeds were also settled in EURC and are custodied on the leading US-based crypto exchange Coinbase.
The collaboration with several platforms and issuers, including those based in the US, Europe, and Asia, saw Bullish get IPO proceeds in other stablecoins.
These included USD CoinVertible (USDCV) and EUR CoinVertible (EURCV), which are issued by Societe Generale-FORGE, and Global Dollar (USDG), issued by Paxos.
Also forming part of the landmark milestone are popular stablecoins PayPal USD (PYUSD), Ripple USD (RLUSD), USD1 by World Liberty Financial, and Agora Dollar (AUSD) by Agora.
Commenting on the development, Bullish chief financial officer, David Bonanno, said:
“We view stablecoins as one of the most transformative and widespread use cases for digital assets. Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network. We believe our collaborations with the stablecoin issuers represented here, including their listings on our Bullish Exchange, demonstrate how the infrastructure and liquidity we’ve built at Bullish helps power their businesses.”
Bullish closed its initial public offering on August 14, 2025, and its shares trade under the ticker BLSH on the NYSE.
After making a splash listing, Bullish shares have plunged 22% since then.
Bullish, led by chief executive Thomas Farley, the former head of the New York Stock Exchange, operates a comprehensive digital asset platform offering spot, margin, and derivatives trading, primarily catering to institutional clients.
The company processes around $2.6 billion in daily trading volume, benefiting from rising adoption and increased activity in cryptocurrency markets.
In November 2023, Bullish expanded into media with the $72.6 million acquisition of CoinDesk, a leading crypto news outlet attracting roughly 48 million unique visitors annually and providing a widely used data service API.
The Bullish IPO saw more than 20% of the allocated shares go to retail investors, a mark that meant recognition of the crypto sector’s investors.
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