Solana News Today: Bullish IPO Sets Stablecoin Precedent in U.S. Markets

Bullish (BLSH), the crypto platform that owns CoinDesk, made a dramatic debut on the New York Stock Exchange, with its shares surging from $37 to as high as $118 in the first hours of trading. The company’s initial public offering (IPO) raised $1.15 billion entirely in stablecoins, marking a first in U.S. public markets. This unconventional approach highlights the growing role of stablecoins—crypto tokens pegged to traditional assets such as the U.S. dollar—in financial infrastructure and global fund transfers [1].

The IPO proceeds were settled using a diverse range of stablecoins, including Circle’s USDC, PayPal’s PYUSD, and Ripple’s RLUSD. The majority of the stablecoins were minted on the Solana network and held under custodianship by Coinbase [2]. Bullish’s CFO, David Bonanno, emphasized the company’s belief in stablecoins as a transformative force in digital finance, enabling fast and secure global fund movements. “We view stablecoins as one of the most transformative and widespread use cases for digital assets,” he stated [2].

This innovative use of stablecoins aligns with the broader trend of blockchain adoption in traditional finance. With the U.S. recently enacting regulations under the GENIUS Act to govern the stablecoin sector, the move by Bullish underscores how digital assets are becoming increasingly integrated into mainstream financial systems [1]. Solana Foundation President Lily Liu praised the move, calling it a step toward a new era of market efficiency and innovation [2].

The stock’s performance post-IPO reflected the volatility of the crypto-linked market. Shares initially tripled in value but have since corrected, trading at approximately $59 as of the latest data—nearly 50% off its peak. Jim Cramer of CNBC acknowledged this volatility as rational, noting that the pullback provided a more grounded entry point for investors. “I was okay with the stock coming down a little,” he remarked, viewing the move as a sign of market rationality following a surge driven by speculative interest [3].

Despite the sharp correction, Bullish remains a focal point for discussions around the convergence of public market infrastructure and blockchain technology. The company’s decision to use Solana for the bulk of its stablecoin transactions points to the network’s increasing appeal for high-speed and low-cost financial operations [1]. While Ethereum still dominates in stablecoin volume, with over $142 billion in holdings compared to nearly $12 billion on Solana, the latter’s role in institutional transactions is gaining attention [2].

Bullish’s IPO not only set a precedent in capital-raising methods but also demonstrated the accelerating integration of digital assets into traditional financial ecosystems. As the sector continues to evolve under regulatory and market pressures, its strategic use of blockchain infrastructure could shape the future of capital markets.

Source:

[1] Bullish's USD1.15B in IPO Proceeds Was Entirely in Stablecoins, a First for Public Market (https://www.coindesk.com/business/2025/08/19/bullish-s-usd1-15b-in-ipo-proceeds-was-entirely-in-stablecoins-a-first-for-public-market)

[2] Bullish Takes $1.15 Billion in IPO Proceeds via Stablecoins (https://finance.yahoo.com/news/bullish-takes-1-15-billion-192021585.html)

[3] I Was Okay With Stock Coming Down A Little, Says Jim Cramer (https://finance.yahoo.com/news/bullish-blsh-okay-stock-coming-211025550.html)