Bullish Takes $1.15 Billion in IPO Proceeds via Stablecoins—Mostly on Solana
The post Bullish Takes $1.15 Billion in IPO Proceeds via Stablecoins—Mostly on Solana appeared on BitcoinEthereumNews.com.
In brief Crypto exchange Bullish took its IPO proceeds in stablecoins. The bulk of its stablecoins are on the Solana blockchain and custodied by Coinbase. The firm accepted Circle’s USDC, PayPal’s PYUSD, Ripple’s RLUSD, among others. Publicly traded crypto exchange Bullish (BLSH) received $1.15 billion in proceeds from its recently completed initial public offering (IPO) in stablecoins, the firm announced on Tuesday. The Cayman Islands-based firm received more than $1 billion in funds when it completed the sale of its shares at $37 last week. Most of those funds are now being held in stablecoins, or crypto tokens pegged to the value of fiat currencies like the U.S. dollar and backed 1:1 by such assets. “We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said Bullish CFO David Bonanno, in a statement. “Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network,” he continued. “We believe our collaborations with the stablecoin issuers represented here, including their listings on our Bullish exchange, demonstrate how the infrastructure and liquidity we’ve built at Bullish helps power their businesses.” The bulk of the firm’s stablecoins were issued as Circle’s USDC on the Solana blockchain, but it also received other popular stablecoins like PayPal’s PYUSD, Ripple’s RLUSD on the XRP Ledger, and USD1 issued by the President Trump-backed World Liberty Financial. The firm’s USDC and EURC stablecoins are being custodied by Coinbase. Getting your IPO proceeds in stablecoins is a baller move. Big moment for all of crypto. Soon this will be the new normal. https://t.co/GNgIqP1ms2 — Brian Armstrong (@brian_armstrong) August 19, 2025 “Bullish’s use of stablecoins in its IPO merges public market infrastructure with blockchain rails, and highlights Solana’s unique position to power a new era of market efficiency and…
Filed under: News - @ August 20, 2025 1:18 am