Bullish's $1.15 Billion IPO in Stablecoins

Crypto exchange Bullish (ticker: BLSH) has made history with its $1.15 billion initial public offering, fully settled in stablecoins. This is a first in U.S. IPO history. Most of the tokens utilized were minted for Bullish on the Solana blockchain. The process was managed by Jefferies, the billing and delivery agent responsible for stablecoin minting and delivery. Bullish accepted stablecoins denominated in USD and EUR, primarily Circle's USDC and EURC. Bullish CFO David Bonanno remarked, "We see stablecoins as one of the most transformative applications of digital assets. We use them internally for swift and secure global transfers, especially on the Solana network." Recently, with backing from Peter Thiel, Bullish raised $1.1 billion through an IPO of 30 million shares at $37 each ahead of its listing on the NYSE, with its BLSH shares surging over 150% on their debut, reflecting strong interest in public crypto companies. Bullish is not alone; competitors such as Gemini and Kraken are also looking to go public under a more favorable regulatory climate. Interestingly, the stablecoins involved in Bullish's IPO are being held by Coinbase, the first U.S.-based exchange to go public in 2021. Additionally, Bullish has utilized stablecoins from Paxos, PayPal, Ripple, Agora, and World Liberty Financial. Bonanno added, "Our collaborations with stablecoin issuers, along with their listings on our platform, showcase how our infrastructure supports their growth." Bullish is also the parent company of CoinDesk and CoinDesk Indices.