Quick Highlights
- Bullish raises $1.15B in first-ever U.S. IPO settled entirely in stablecoins
- Shares soar from $37 to $118 on NYSE debut before closing at $68
- Solana and Coinbase power fast, secure settlement for global investors
From $37 to $118 in Hours — Bullish’s $1.1B IPO Sends Shockwaves
Bullish, the cryptocurrency exchange backed by Peter Thiel, made Wall Street history on August 14, 2025, by raising $1.15 billion entirely in stablecoins during its IPO. This groundbreaking move marked the first time a U.S. public listing settled without traditional cash.
Shares priced at $37 each surged as high as $118 on their New York Stock Exchange (NYSE) debut under ticker BLSH, before closing at $68 — an 83% gain in just one day.
The Surprising Tokens That Powered a Historic IPO
Unlike traditional listings, Bullish’s settlement drew from a basket of stablecoins. The mix included USDC and EURC (Circle), PYUSD (PayPal), RLUSD (Ripple), USDG (Paxos), and European-issued tokens like USDCV and EURCV (Societe Générale). Even niche issuers like Agora, AllUnity, and World Liberty Financial contributed their stablecoins.
Ripple praised the listing as a “first-of-its-kind onchain settlement”, pointing to how stablecoins can redefine how IPOs operate.
Solana and Coinbase at the Center
Settlement was processed through Solana, chosen for its speed and scalability. According to Bullish CFO David Bonanno:
“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.”
Coinbase acted as the custodian, while Jefferies coordinated minting, conversion, and distribution of the tokens worldwide—essentially replacing traditional banks in the IPO process.
How Investors Reacted to Bullish Stock
At launch, Bullish sold 30 million shares at $37, valuing the company around $5.4 billion. By the close of the first trading day, however, Reuters estimated the firm’s valuation had jumped closer to $13 billion.
Former NYSE president and current Bullish CEO Tom Farley captured the moment:
“The institutional wave has begun. Based on the reception we’ve gotten as part of our IPO, it feels like investors believe this could be the turning point.”
Why Big Names Like PayPal and Ripple Backed the Deal
The IPO’s success wasn’t just about Bullish — it showcased growing momentum for stablecoin adoption. With issuers like PayPal, Circle, Ripple, and SocGen involved, the listing validated the role of tokenized money in mainstream finance.
For institutions, the appeal was clear: faster settlement, lower costs, and cross-border efficiency compared to legacy payment rails.
What Bullish’s IPO Means for the Future of Finance
Bullish’s listing follows other crypto-native IPOs, such as Circle’s debut in June 2025, which soared more than 160% on day one. Together, they point to a future where blockchain rails and stablecoins power not only crypto startups but potentially mainstream financial institutions.
As favorable legislation like the GENIUS Act expands regulatory clarity, more digital-asset firms may attempt to go public this way—bringing Wall Street and Web3 even closer together.
A Blueprint for Tomorrow’s IPOs
Bullish’s $1.15B is a a proof of concept that stablecoins can handle large-scale financial settlements securely, quickly, and transparently.
If other companies follow this path, the way Wall Street raises money may change forever — turning stablecoins from a crypto niche into the backbone of global finance.
Source: https://coinpaper.com/10597/from-37-to-118-in-hours-bullish-s-1-1-b-ipo-stock-s-wild-debut-ride