Bullish has made history by settling $1.15 billion in IPO proceeds entirely in stablecoins, marking the first large-scale use of digital assets for an initial public offering in the United States.

The Cayman Islands–based digital asset platform announced Tuesday that the majority of the stablecoins were minted on the Solana network, with Jefferies coordinating minting, conversion, and delivery across issuers in the U.S., Europe, and Asia.

Proceeds were received primarily in USDC, with a portion in EURC, and are being custodied exclusively by Coinbase. Other stablecoins used included:

  • USD CoinVertible (USDCV) and EUR CoinVertible (EURCV) by Société Générale-FORGE
  • Global Dollar (USDG) by Paxos
  • PayPal USD (PYUSD)
  • Ripple USD (RLUSD) on the XRP Ledger
  • USD1 by World Liberty Financial
  • Agora Dollar (AUSD)
  • EURAU by AllUnity

The move drew praise from industry leaders.

Shan Aggarwal, Chief Business Officer at Coinbase, called the event a milestone:

“History made by Bullish and Coinbase today. Proceeds from the Bullish IPO were settled in stablecoins. The majority were settled in USDC, along with a portion in EURC, with Coinbase as the exclusive custodian for those assets.”

Coinbase CEO Brian Armstrong added in a post on X:

“Getting your IPO proceeds in stablecoins is a baller move. Big moment for all of crypto. Soon this will be the new normal.”
“We view stablecoins as one of the most transformative use cases for digital assets,” said David Bonanno, CFO of Bullish, noting their utility for rapid global fund transfers.

Lily Liu, President of the Solana Foundation, called the move a landmark in merging public market infrastructure with blockchain rails:

“Bullish’s use of stablecoins in its IPO highlights Solana’s unique position to power a new era of market efficiency.”

Coinbase VP Greg Tusar said the milestone underscores stablecoins’ role in modernizing financial systems. He also stated that with regulatory clarity evolving, leading businesses like Bullish are unlocking the full potential of crypto.

At the same time, Cathie Wood’s Ark Invest has been buying Bullish stock heavily. On Tuesday, Ark disclosed purchases worth $21.2 million in Bullish shares and $16.2 million in Robinhood shares, even as both stocks closed lower.

This followed Ark’s earlier $172 million investment in Bullish shares last week across multiple ETFs, underscoring continued institutional conviction in the newly listed exchange despite broader weakness in crypto-related equities.

Bullish’s IPO closed on August 14, 2025, with its shares now trading on the New York Stock Exchange under BLSH.

The company, which operates the Bullish Exchange and CoinDesk Indices, said the settlement demonstrates how blockchain-based payments can integrate into traditional capital markets at scale.

Edited by Harshajit Sarmah