Bullish Slides to 249th in Volume as Stablecoin IPO Redefines Capital Formation

Bullish (BLSH) closed August 19 with a 6.09% decline, trading at $59 as volume dropped 34.23% to $380 million, ranking 249th in market activity. The firm’s recent IPO marked a first for U.S. public markets, securing $1.15 billion in stablecoins, primarily Circle’s USDC and EURC on Solana, with Coinbase custodianship. The move highlights blockchain’s expanding role in capital formation, leveraging fast, low-cost digital settlements across multiple stablecoin ecosystems.

The IPO incorporated a diverse stablecoin mix, including Ripple’s RLUSD, PayPal’s PYUSD, and Societe Generale’s EURCV, underlining institutional confidence in tokenized assets. Jefferies managed the end-to-end process, facilitating cross-border transfers and regulatory compliance. Bullish’s CFO emphasized Solana’s efficiency for global fund movements, positioning the firm at the intersection of traditional finance and decentralized infrastructure.

Regulatory developments, including the U.S. GENIUS Act, further legitimize stablecoin adoption. The IPO’s structure, however, raises questions about Solana’s scalability against Ethereum’s dominant stablecoin volume. Despite the market downturn, Bullish’s strategy underscores a shift toward blockchain-driven liquidity solutions, with stablecoins bridging fiat and crypto markets in a regulated framework.

The strategy of buying the top 500 stocks by daily trading volume and holding them for one day resulted in a moderate return. The total profit from December 2022 to August 2025 was $2,940, with a maximum drawdown of $-1,960 during the same period. This indicates a volatile but ultimately positive performance, with the highest peak-to-trough decline being 19.6%.