Bullish makes crypto IPO history, then tanks
Bullish, the global digital asset platform behind the BLSH stock ticker, has completed a landmark IPO, becoming the first U.S. public company to settle the majority of its offering proceeds in stablecoins.
The offering, which took place on August 14, raised $1.15 billion — a significant sum for a company bridging traditional finance and the digital asset economy. But what truly set the listing apart was its structure: proceeds were settled using a basket of stablecoins including USDC, EURC, PayPal USD (PYUSD), Ripple USD (RLUSD), and others, all held in custody by Coinbase.
Bullish operates a regulated spot and derivatives exchange, offering deep liquidity powered by a combination of automated market making and traditional central order book systems. The company has been pushing boundaries in market infrastructure, and this IPO structure marks a new chapter in crypto-capital markets.
Jefferies served as the settlement agent for the offering, which utilized the Solana blockchain to mint and record the tokens. According to Bullish, the approach significantly reduced settlement times, improved transparency, and allowed global capital access to the deal.
Bullish leans into stablecoin infrastructure
The company says its use of stablecoins in the IPO was not simply a gimmick but a meaningful statement on the future of financial infrastructure.
"We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said Bullish CFO David Bonanno. He added that the firm already uses stablecoins to power fast, secure international transfers, and hopes the IPO structure will create a broader blueprint for others in the space.
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The company’s move aligns with rising institutional interest in blockchain-native capital markets. Lily Liu, President of the Solana Foundation, called the IPO a turning point: “Internet Capital Markets enable capital to move faster, with greater transparency, and in a globally accessible manner."
Greg Tusar, VP of Institutional Products at Coinbase, noted that the GENIUS Act, which provides regulatory clarity for stablecoins, had laid the groundwork for such innovation. “The rulebook has changed — and companies like Bullish are showing us what the new normal can look like.”
Bullish shares dip
The majority of tokens were minted on the Solana network, with Jefferies acting as agent with respect to billing and delivery, as per the press release.
On August 20, BLSH shares declined more than 6% to $59.51 — down from their IPO price of $61.56. The stock dipped as low as $57.92 during intraday trading before recovering slightly.
While the dip might seem modest, it points to broader market uncertainty around crypto firms that use innovative structures. Analysts suggest some investors may be taking a wait-and-see approach to how the stablecoin-settled offering holds up under scrutiny from regulators and market participants alike.