tl;dr
Bullish Inc., a global digital asset platform for institutional clients, raised $1.15 billion in its IPO, fully settled in stablecoins. Most stablecoins were minted on the Solana blockchain, with Jefferies managing the minting, conversion, and distribution across multiple regions. Bullish received v...
Bullish Inc. (NYSE: BLSH), a global digital asset platform focused on institutional clients, announced it raised $1.15 billion in proceeds from its initial public offering (IPO), settled entirely in stablecoins. This marks a significant milestone for the adoption of blockchain-based currencies within U.S. capital markets.
The majority of the stablecoins were minted on the Solana (SOL) blockchain, with Jefferies acting as the billing agent for the offering. Jefferies managed the minting, conversion, and distribution of the digital assets, coordinating efforts across multiple issuers and platforms spanning North America, Europe, and Asia.
Bullish received various US dollar- and euro-denominated stablecoins, including USD CoinVertible and EUR CoinVertible from Societe Generale-FORGE, Global Dollar and PayPal USD from Paxos, Ripple USD on the XRP Ledger, USD1 from World Liberty Financial, Agora Dollar from Agora, and EURAU from AllUnity. The majority of proceeds were settled in USDC, with a portion in EURC. All assets are held in custody by Coinbase.
David Bonanno, Bullish CFO, emphasized the transformative potential of stablecoins as one of the most widespread use cases for digital assets. He highlighted how Bullish internally uses stablecoins for rapid and secure global fund transfers, particularly through the Solana network. Bonanno also noted that the partnerships with stablecoin issuers and their listings on the Bullish Exchange demonstrate the robust infrastructure and liquidity Bullish has built to support these businesses.