TLDR:
- Bullish raised $1.15B in its IPO, settling proceeds fully in stablecoins across multiple issuers and blockchains.
- Most stablecoins used in the IPO were minted on Solana, highlighting blockchain’s growing role in market settlement.
- Coinbase is holding custody of the proceeds, with the majority received in USDC and EURC stablecoins.
- Stablecoins included USDCV, EURCV, USDG, PYUSD, RLUSD, USD1, AUSD, and EURAU, issued across U.S., Europe, and Asia.
Bullish has just pulled off a first in U.S. market history. The digital asset platform closed its $1.15 billion initial public offering, and every dollar of proceeds landed in stablecoins.
The move brought together banks, blockchain issuers, and global settlement rails. It was coordinated through Solana’s network and managed with Coinbase custody.
The IPO completed on August 14, with shares now trading on the New York Stock Exchange under the ticker BLSH.
Stablecoin Settlement Drives Bullish IPO
According to Wu Blockchain, Bullish became the first U.S. company to complete an IPO fully funded through stablecoins. The company confirmed the $1.15 billion raise was arranged using a mix of USD and EUR stablecoins.
The bulk of funds arrived in USDC, with EURC covering part of the settlement. Other tokens included USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) issued by Societe Generale-FORGE. Paxos-backed Global Dollar (USDG) and PayPal USD (PYUSD) were also part of the mix.
Ripple’s RLUSD, World Liberty Financial’s USD1, Agora’s AUSD, and AllUnity’s EURAU rounded out the basket. Jefferies handled billing and delivery, overseeing stablecoin minting, conversions, and transfers.
Bullish said most of the stablecoins were minted on Solana, citing speed and efficiency. The platform already lists several of these tokens on its exchange, linking its IPO back to its ecosystem.
Digital asset platform Bullish (NYSE: BLSH) announced that its $1.15 billion IPO proceeds were fully settled in stablecoins, making it the first IPO in the United States to be completed using stablecoin funding. The stablecoins used include USDCV, EURCV, USDG, PYUSD, RLUSD, among…
— Wu Blockchain (@WuBlockchain) August 19, 2025
Custody and Institutional Involvement
Bullish stated that Coinbase is the sole custodian for the IPO funds, with the assets stored under its institutional custody service. Coinbase’s VP of Institutional Product, Greg Tusar, said the move showed how stablecoins can reshape market settlements.
David Bonanno, Bullish CFO, described stablecoins as a core tool for cross-border transfers. He pointed out that using them in the IPO aligned with the company’s long-term infrastructure goals.
Lily Liu, President of the Solana Foundation, described the process as a merging of public market finance and blockchain rails. She said the Solana network’s speed and cost efficiency played a role in making it possible.
The IPO closed on August 14, and Bullish stock now trades under BLSH on the New York Stock Exchange. With the settlement completed in stablecoins, the offering created a new playbook for digital asset firms entering public markets.