Bullish (NYSE: BLSH), a global digital asset platform backed by billionaire investor Peter Thiel, said it has arranged to receive $1.15 billion in proceeds from its recent initial public offering in stablecoins,
The company made its market debut on August 14, 2025, in one of the most closely watched offerings of the year.
The IPO raised more than $1 billion, with demand over 20 times greater than the number of shares available. On the first day, Bullish’s stock price jumped by 84%, showing strong excitement from investors. However, by today’s pre-market, the share price has slipped by 2.16% to $62.00, signaling some early price swings.
The company said most of the stablecoins it received were created, or “minted,” on the Solana network. Jefferies, which acted as the billing and delivery agent for the IPO, managed the minting process, including the converting and also helped deliver the stabelcoins.
The agent also worked with issues and platforms across the U.S., Europe, and Asia to complete the settlement. Bullish said the majority of proceeds were settled in USDC, along with a portion in EURC, with both sets of tokens custodied exclusively by Coinbase.
Other stablecoins that Bullish received included USD CoinVertible and EUR CoinVertible issued by Societe Generale-FORGE, Global Dollar from Paxos, PayPal USD also from Paxos, USD1 from World Liberty Financial, Agora Dollar from Agora, and EURAU from AllUnity.
Ripple’s RLUSD joins Bullish IPO settlement mix
As part of the settlement, Bullish also received Ripple USD (RLUSD), a stablecoin issued on the XRP Ledger by Ripple. In a short tweet, it congratulated the company for the “successful IPO”
“This is the first public listing to bring the settlement process onchain and sets a precedent for how stablecoins can shape future listings.” Ripple posted.
In a statement, David Bonanno, Chief Financial Officer of Bullish, said “We view stablecoins as one of the most transformative and widespread use cases for digital assets. Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network.”
He also added that the collaboration with stablecoin issuers and their listings on Bullish Exchange showed how the firm’s infrastructure supported their businesses.
Also Read: Bullish Stock Surges 200% on Launch, Driving Investor Interest
