“Finance At the Speed of Light”: Bullish Raises $1.15 Billion in Stablecoins Through IPO

Bullish, a digital asset platform, has completed its initial public offering, raising $1.15 billion in proceeds denominated in stablecoins. The transaction represents the first time stablecoins have been used at this scale in a U.S. public offering, marking a notable moment in the integration of digital assets into traditional financial markets.

The vast majority of the stablecoins were minted for Bullish on the Solana network, highlighting Solana’s growing role as a high-performance blockchain for financial infrastructure. Jefferies Financial Group, acting as the billing and delivery agent for the IPO, coordinated the minting, conversion, and delivery process in partnership with issuers and platforms across the U.S., Europe, and Asia.

"Finance at the speed of light" was Solana co-founder Anatoly Yakovenko's reaction to the news, posted on X on August 19.

Bullish received multiple stablecoins denominated in both US Dollars and Euros. Most proceeds were settled in $USDC, with a portion received in $EURC. Additional stablecoins received include Global Dollar ($USDG) and PayPal USD ($PYUSD) issued by Paxos, Ripple USD ($RLUSD) issued on the XRP Ledger by Ripple, $USD1 issued by World Liberty Financial, and multiple others.

Proceeds from the IPO are being custodied exclusively by Coinbase. Framing the announcement, Brian Armstrong, Co-founder and CEO of Coinbase, described it as a "baller move" and a “big moment for all of crypto”.

Strategic Infrastructure Migration

On July 9, Bullish announced a collaboration with the Solana Foundation to advance institutional-grade financial infrastructure onchain. This collaboration aims to make Solana-native stablecoins the primary digital asset used across Bullish’s exchange and clearing services, powering custody, payments, transactions, settlement, and future product innovations.

David Bonanno, CFO of Bullish, said the exchange views stablecoins as one of the most transformative 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.”

“Internet Capital Markets enable capital to move faster, with greater transparency, and in a globally accessible manner," said Lily Liu, President of the Solana Foundation. "Bullish’s use of stablecoins in its IPO merges public market infrastructure with blockchain rails, and highlights Solana’s unique position to power a new era of market efficiency and innovation.”

Stock Performance and Investor Interest

Bullish’s IPO closed on August 14, 2025, with shares listed under the ticker symbol BLSH on the New York Stock Exchange. The stock currently trades at $59.51, according to TradingView data, reflecting a gain of more than 60 percent from its $37 IPO price.

Institutional investors have shown strong interest. Cathie Wood’s ARK Invest has disclosed that its ARK Innovation ETF (ARKK) now holds 1,361,783 shares, valued at approximately $81 million.

Growing Role of Stablecoins in Finance

The use of stablecoins in Bullish’s IPO highlights their expanding role in global finance. These digital assets have increasingly found applications in payments, settlements, and cross-border transfers. Last week, Huma Finance, in collaboration with Arf, Geoswift, and PolyFlow, announced a settlement solution utilising stablecoins and designed to provide same-day payouts for merchants on major global e-commerce platforms.

With the adoption of the GENIUS Act in the U.S. and continued interest from global institutions, stablecoins are becoming more embedded in the financial system. Bullish’s IPO demonstrates how cryptocurrencies can integrate into traditional market structures, setting a precedent for future offerings.

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