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Key Takeaways
- Bullish, the crypto exchange backed by Peter Thiel, has made Wall Street history by completing a $1.15 billion IPO settled entirely with a basket of stablecoins, including USDC, PYUSD, and RLUSD.
- This groundbreaking move is the first of its kind for a U.S. public listing, demonstrating a new paradigm for blockchain-powered finance that offers faster, more secure, and more transparent settlement than traditional systems.
- The IPO, which saw its share price surge from $37 to $118 on its debut, was processed on the Solana network with Coinbase acting as the custodian, showcasing a powerful collaboration between decentralized and centralized players.
In a landmark event for finance and Web3, the crypto exchange Bullish has completed a $1.15 billion IPO entirely settled with stablecoins, a historic first for a U.S. public offering.
Bullish has arranged to receive $1.15 billion of proceeds from its recently completed initial public offering in stablecoins, which represents a historic step for the use of stablecoins in an initial public offering in the United States.https://t.co/hh9i22RS9I
— Bullish (@Bullish) August 19, 2025
This revolutionary move, which saw shares soar on the NYSE, serves as a powerful proof of concept for the future of capital markets.
Regulated and Revolutionary🔔@Bullish becomes the first digital asset exchange to list on the NYSE. $BLSH | @CoinDesk | @ThomasFarley pic.twitter.com/m9ZnLOT5EQ
— NYSE 🏛 (@NYSE) August 13, 2025
A Faster, Smarter IPO
The traditional IPO process is often slow and opaque, taking days to settle via wire transfers. Bullish’s stablecoin-powered IPO offers a stark alternative, leveraging a public blockchain like Solana for near-instantaneous settlement.
The stables in your pocket will be on Solana. Just trust me on this one. https://t.co/JORIDUh7s5
— David Bonanno (@BonannoDavid) August 19, 2025
As Bullish CFO David Bonanno explained, the decision to use Solana was driven by its “speed and scalability,” which enabled rapid, secure, and global fund transfers.
Getting your IPO proceeds in stablecoins is a baller move.
— Brian Armstrong (@brian_armstrong) August 19, 2025
Big moment for all of crypto. Soon this will be the new normal. https://t.co/GNgIqP1ms2
This seamless, 24/7 settlement process removes the delays and costs associated with legacy payment systems.
📣 We’re pleased to announce that @Ripple’s regulated stablecoin #RLUSD is now available on #Bullish.
— Bullish (@Bullish) December 24, 2024
Starting today, eligible regions can trade the following markets:
◾ $RLUSD/USDC
◾ $BTC/RLUSD
◾ $XRP/RLUSD
◾ $ETH/RLUSD
◾ $USD/RLUSD
◾ $EUR/RLUSD
◾ $SOL/RLUSD
The IPO also showcased a diverse range of stablecoins from various issuers, demonstrating a growing confidence in tokenized money from major financial players.
Stablecoins are just better. Faster, cheaper, and more global, proven yet again by @Bullish.
— Coinbase 🛡️ (@coinbase) August 19, 2025
Proud to be part of history as the exclusive custodian of USDC & EURC proceeds from their IPO. https://t.co/qIrjYPCgxk
The institutional Wave Has Begun
Bullish’s debut on the NYSE under the ticker BLSH was a resounding success, with shares rocketing from an initial price of $37 to an intraday high of $118 before closing at $68, a massive 83% gain that pushed its valuation to nearly $13 billion.
Behind the scenes of @Bullish IPO allocation process pic.twitter.com/Ab5Dv2dowQ
— Tom Farley (@ThomasFarley) August 15, 2025
Bullish CEO Tom Farley, a former NYSE president, stated that “The institutional wave has begun.” The success of the IPO validates the role of stablecoins in mainstream finance and proves that they are a viable tool for major financial transactions.
History made by @Bullish and @Coinbase today.
— Shan Aggarwal (@ShanAggarwal) August 19, 2025
Proceeds from the Bullish IPO were settled in stablecoins.
The majority were settled in USDC, along with a portion in EURC, with Coinbase as the exclusive custodian for those assets 🤝 pic.twitter.com/EKuk6BSDZb
Final Thoughts
The Bullish IPO is a landmark event that goes beyond a single company’s stock market debut. It is a powerful blueprint for how Wall Street can integrate blockchain technology to modernize its infrastructure. Following other crypto-native public listings, this stablecoin-powered offering solidifies a new reality: the future of finance will be built on-chain.
Frequently Asked Questions
How does a stablecoin-powered IPO work?
Instead of using traditional cash, investors use stablecoins to purchase company shares. These stablecoins are then transferred on a public blockchain, such as Solana, to complete the settlement process instantly and transparently.
What are the main advantages of this type of IPO?
The key advantages are speed, lower costs, and increased transparency. Settlement can happen in minutes, not days, eliminating the need for multiple intermediaries and expensive wire transfers.
Why did Bullish use a basket of stablecoins?
Using a variety of stablecoins demonstrates an embrace of the broader digital asset ecosystem, involves key industry players like PayPal and Ripple, and diversifies the source of capital for the IPO.