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- Bullish raised $1.15 billion in stablecoins through its IPO.
- The majority of proceeds were settled in USDC and EURC.
- Coinbase is holding all custody of the funds.
According to the report from the Cayman Islands on August 19, 2025, Bullish completed a historic initial public offering that generated $1.15 billion in proceeds. This IPO used stablecoins for settlement rather than traditional cash, unlike past offerings.
The move created a first for U.S. capital markets, merging blockchain-based assets with public equity issuance. Bullish, which trades under the ticker symbol BLSH on the New York Stock Exchange, structured the settlement through a broad network of stablecoin issuers.
Jefferies acted as billing and delivery agent, coordinating minting, conversion, and distribution across global platforms. The Solana network minted the vast majority of the tokens, showcasing its high-speed settlement capabilities.
The use of blockchain rails for an IPO highlights a step toward faster, more transparent, and more efficient capital markets. It marks the first time that a public company in the U.S. settled proceeds directly with stablecoins at this scale.
Bullish IPO Proceeds Collected in Multiple Stablecoins
They received a variety of U.S. dollar and euro-based tokens. The list comprised USD CoinVertible and EUR CoinVertible of Societe Generale-FORGE, Global Dollar by Paxos, PayPal USD, Ripple USD on the XRP Ledger, USD1 by World Liberty Financial, Agora Dollar, and EURAU by AllUnity.
Most proceeds were received as USD Coin (USDC) and Euro Coin (EURC). Each stablecoin embodied a different issuer’s strategy on regulation, compliance, and cross-border usage. The combined role of legacy banks, fintech companies, and blockchain-native issuers showcased the increasing acceptance of tokenized money as a central financial product.
Coinbase now holds custody of all proceeds, ensuring that regulatory and security requirements are met. This move reinforces the role of regulated custodians in bridging digital finance and traditional markets.
Stablecoins Enter Public Market with Bullish IPO
That Bullish chose to run its IPO via stablecoins is an indication of wider shifts within financials. This transaction highlights stablecoins, which have existed for several years as a form of settlement and cross-border payments, as viable for large-scale public market deals.
By taking on blockchain rails to settlement, capital markets become faster and internationally accessible. This lowers dependency on conventional clearing processes that tend to incur costs and suffer from delays. For institutions, this also shows that blockchain infrastructure is capable of supporting multi-billion-dollar transactions safely.
The IPO not only marks a milestone for Bullish but also creates a model going forward. As regulations evolve, stablecoins may increasingly be a regular settlement vehicle across both equity and debt marketplaces. The milestone shows once again how digital assets are transforming global finance.
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