Bullish IPO raised $1.15B in stablecoins, marking the first public listing settled onchain with USDC, EURC, RLUSD, and more.
Bullish IPO Raises $1.15B in Stablecoins
Bullish (NYSE: BLSH), the digital asset platform backed by billionaire investor Peter Thiel, has raised $1.15 billion from its IPO, with proceeds settled entirely in stablecoins.
The company made its Wall Street debut on August 14, 2025, in one of the year’s most anticipated listings. Demand for shares was huge, with subscriptions 20x oversubscribed, pushing the stock up 84% on day one. However, early volatility followed as the share price dipped 2.16% in pre-market, trading at $62.00 today.
Stablecoins Take Center Stage in Bullish IPO
Bullish said most of the funds were minted on Solana and settled in USDC and EURC, custodied exclusively by Coinbase. Other stablecoins used included SocGen’s CoinVertible series, Paxos’ Global Dollar and PayPal USD, World Liberty’s USD1, Agora Dollar, and AllUnity’s EURAU.
In a notable first, Ripple USD (RLUSD) on the XRP Ledger was also part of the settlement mix. Ripple congratulated Bullish on “the successful IPO,” calling it a milestone for onchain finance.
Why This Matters for Stablecoins
Chief Financial Officer David Bonanno highlighted stablecoins as “one of the most transformative use cases for digital assets,” stressing their role in fast and secure global transfers, particularly on Solana.
By collaborating with multiple issuers, Bullish positioned itself as a pioneer in integrating stablecoins into capital markets, making this IPO the first-ever public listing fully settled onchain.
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