Bullish Receives $1.15B in Stablecoins from IPO Proceeds

Bullish, a global crypto exchange backed by billionaire venture capitalist, received $1.15 billion of its initial public offering (IPO) proceeds in stablecoins. The exchange made its debut on the NYSE last week, marking one of the most closely watched IPOs this year. Bullish's IPO was a significant milestone in the crypto space, and the company's decision to receive a substantial portion of its proceeds in stablecoins highlights its commitment to the digital asset market.

Bullish, a global cryptocurrency exchange, has completed its initial public offering (IPO) with a significant milestone in the crypto space. The company received $1.15 billion of its IPO proceeds in stablecoins, marking the first U.S. exchange to settle an IPO using this method [1].

The majority of the stablecoins were minted on the Solana blockchain, underscoring the growing integration of digital assets into mainstream financial infrastructure [1]. The process was facilitated by Jefferies, the billing and delivery agent, which coordinated the minting, conversion, and delivery of the stablecoins to Bullish [1].

The IPO included USD- and EUR-denominated stablecoins, with Circle’s USDC and EURC representing a significant portion of the transaction. Bullish also received stablecoins from other issuers, including Paxos, PayPal, Ripple, Agora, and World Liberty Financial [1]. The use of a diverse range of stablecoins reflects the company’s strategy to leverage liquidity and infrastructure from multiple digital asset providers.

Bullish’s shares surged over 150% on their NYSE debut last week, reflecting investor confidence in crypto firms backed by Peter Thiel [1]. The company is also the parent organization of CoinDesk and CoinDesk Indices, further solidifying its presence in the crypto media and data space [1].

Bullish’s decision to settle its IPO in stablecoins is part of a broader trend within the crypto industry. Other exchanges, such as Gemini and Kraken, are reportedly preparing public listings as well, taking advantage of a potentially more favorable regulatory environment under a new U.S. administration [1]. The company’s strategic use of stablecoins not only streamlines global fund transfers but also demonstrates the maturation of digital asset infrastructure.

The custody of the stablecoins used in the IPO was entrusted to Coinbase, a pioneering crypto exchange that went public in 2021. This collaboration highlights the growing interoperability between major players in the crypto ecosystem [1].

This innovative approach to IPO settlement reflects Bullish’s commitment to leveraging blockchain technology for efficiency and security. As the crypto industry continues to evolve, the use of stablecoins in large-scale financial transactions is likely to become more common, further blurring the lines between traditional finance and digital assets [1].

References:
[1] https://www.ainvest.com/news/stablecoins-redefine-ipos-bullish-blurs-lines-crypto-wall-street-2508/
[2] https://www.tradingview.com/news/the_block:d84d0165e094b:0-crypto-exchange-bullish-settles-1-15-billion-ipo-using-stablecoins/
[3] https://seekingalpha.com/news/4486935-bullish-says-it-arranged-to-receive-115b-of-ipo-proceeds-in-stablecoins
[4] https://invezz.com/news/2025/08/19/bullish-received-1-15b-of-ipo-proceeds-in-usdc-other-stablecoins/