Bullish Raises $1.15B via Solana Stablecoins in NYSE IPO
Bullish exchange completed its inaugural NYSE IPO, raising $1.15B entirely in stablecoins. Jefferies managed the minting, exchange and delivery of various tokens—primarily Solana stablecoins such as USDC and EURC, alongside Paxos USDG, PayPal PYUSD, Ripple RLUSD, Agora AUSD and USD1—custodied by Coinbase. CFO David Bonanno highlighted stablecoins’ role in fast, secure cross-border transfers. Solana Foundation President Lily Liu described the offering as a merger of public markets with blockchain rails, while Coinbase VP Greg Tusar called it a transformative step for digital assets. The IPO issued 30M shares at $37 each and debuted under ticker BLSH at $90—a 143% jump—peaking at $117 before retreating to ~$59 within its first week. Backed by Peter Thiel and a crypto-friendly US regulatory environment, this successful Solana stablecoins settlement marks a milestone for integrating blockchain-based stablecoins into traditional finance and could accelerate broader stablecoin adoption.
Bullish
The use of Solana stablecoins in Bullish’s $1.15B IPO significantly boosts on-chain transaction volume and demonstrates institutional confidence in Solana’s blockchain. This high-profile application enhances Solana’s utility and visibility, likely driving increased demand for SOL in both the short and long term. Traders may anticipate price gains as market participants recognize Solana’s capacity to support large-scale financial operations and stablecoin ecosystems.