Crypto exchange Bullish settles $1.15 billion IPO using stablecoins

The Block

2025-08-20 01:08:44

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Crypto exchange Bullish (ticker BLSH) says that its $1.15 billion initial public offering was fully settled in stablecoins, marking a first in U.S. IPO history. According to the announcement, the vast majority of the tokens were minted for Bullish on Solana.

The transaction was coordinated by the billing and delivery agent Jefferies, which coordinated the stablecoin minting, conversion, and delivery process. Bullish, a global exchange, received USD- and EUR-denominated stablecoins, primarily Circle’s USDC and EURC.

"We view stablecoins as one of the most transformative and widespread use cases for digital assets," Bullish CFO David Bonanno said in a statement. "Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network."

Last week, the Peter Thiel-backed Bullish raised $1.1 billion in an initial public offering of 30 million shares at $37 per share ahead of its NYSE listing. Its BLSH shares popped over 150% during their NYSE debut on Wednesday, indicating interest in public crypto firms.

Bullish is not the only crypto company looking to go public under a friendlier Trump administration. Rival exchanges, including Gemini and Kraken, are also reportedly eyeing public listings alongside other firms like Bitgo.

Interestingly, Bullish's IPO stablecoins are being custodied by rival U.S.-based exchange Coinbase, the first to go public in 2021, the statement says. Bullish has also tapped Paxos’ Global Dollar (USDG), PayPal’s PYUSD, Ripple’s RLUSD, Agora’s AUSD, and the Trump-connected World Liberty Financial stablecoin, USD1, for its transaction.

"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," Bonanno said.

Bullish is also the owner of CoinDesk and CoinDesk Indices.

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