Bullish Crypto Exchange Completed U.S. IPO Settled Entirely in Stablecoins

Bullish, a global crypto exchange backed by Peter Thiel, has completed a $1.15 billion initial public offering entirely settled fully in stablecoins, marking a historic first in U.S. IPO history. The transaction, finalized on the Solana blockchain, underscores the growing adoption of crypto assets in traditional financial markets. Bullish’s innovative approach, coordinated by Jefferies, highlights the transformative potential of stablecoins in streamlining large-scale financial operations. The exchange’s shares, trading under the ticker BLSH, surged over 150% on their NYSE debut, signaling robust investor enthusiasm for public crypto firms.

The IPO involved the issuance of 30 million shares priced at $37 each, raising $1.1 billion last week before the final settlement. Bullish received a mix of USD- and EUR-denominated stablecoins, predominantly Circle’s USDC and Euro Coin (EURC), with the majority of tokens minted on Solana’s high-speed blockchain. This strategic use of stablecoins enabled rapid and secure global fund transfers, a process Bullish CFO David Bonanno described as a cornerstone of the exchange’s operations. The collaboration with Jefferies, a leading billing and delivery agent, ensured seamless minting, conversion, and delivery of the stablecoins, setting a new standard for efficiency in capital markets.

Stablecoins Driving Innovation in Traditional Markets

Bullish’s decision to settle its IPO in stablecoins reflects the growing confidence in digital assets as reliable financial instruments. David Bonanno emphasized the transformative role of stablecoins, noting their utility in facilitating fast and secure cross-border transactions. By leveraging Solana’s blockchain, Bullish was able to execute the settlement process with speed and transparency, qualities that are increasingly valued in global finance. The exchange’s partnerships with multiple stablecoin issuers, including Paxos’ Global Dollar (USDG), PayPal’s PYUSD, Ripple’s RLUSD, Agora’s AUSD, and the Trump-connected World Liberty Financial stablecoin (USD1), further demonstrate its commitment to building robust digital asset infrastructure.

The custody of these stablecoins is being handled by rival crypto exchange Coinbase, which went public in 2021. Bullish’s ability to integrate multiple stablecoins into its IPO process highlights the liquidity and interoperability of its platform, which Bonanno said is designed to empower the businesses of stablecoin issuers. The exchange’s listings of these stablecoins on its platform further solidify its position as a key player in the digital asset ecosystem.

The success of Bullish’s IPO comes at a time when the crypto industry is experiencing renewed optimism, particularly under a more crypto-friendly Trump administration. Other major exchanges, such as Gemini and Kraken, are reportedly exploring public listings, following in the footsteps of Bullish and Coinbase. The surge in BLSH shares on their debut reflects strong market confidence in the growth potential of crypto exchanges, especially those embracing innovative technologies like stablecoins.