Bullish Raises $1.15 Billion in Stablecoin IPO on NYSE
According to Bullish’s official announcement, its NYSE IPO raised $1.15 billion settled entirely in stablecoins, with Jefferies coordinating on-chain settlement and most proceeds routed via Solana-based USDC and EURC custodied by Coinbase.
Bullish announced via an official statement that it received $1.15 billion in IPO proceeds settled entirely in stablecoins. The company debuted on the NYSE on August 14 under ticker BLSH, pricing shares at $37 for a $5.4 billion market cap. Jefferies acted as billing and delivery agent, coordinating minting, conversions, and transfers across issuers in the U.S., Europe, and Asia. The settlement used a diversified mix of stablecoins—primarily USDC and EURC (custodied by Coinbase) on Solana—alongside USDCV and EURCV (Société Générale–FORGE), USDG and PYUSD (Paxos), RLUSD (Ripple on XRP Ledger), USD1 (World Liberty Financial), AUSD (Agora), and EURAU (AllUnity). Bullish’s CFO said stablecoins enable rapid, secure global transfers, especially on Solana.
- Stablecoins: Cryptocurrencies pegged to reference assets (e.g., USD or EUR) to minimize price volatility, used here for settling IPO proceeds.
- USDC: A U.S. dollar–pegged stablecoin issued by Circle; in this IPO, USDC (and EURC) were key settlement assets custodied by Coinbase.
- Solana blockchain: A high-throughput blockchain with low fees; the majority of the IPO’s stablecoin settlements were executed on Solana.