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- Bullish raised $1.15 billion in its IPO and placed most proceeds in stablecoins like USDC, PYUSD, RLUSD, and USD1.
- The majority of funds went to Solana’s network, with Coinbase handling custody for USDC and EURC.
Crypto exchange Bullish has raised $1.15 billion from its initial public offering, with most of the proceeds held in stablecoins. The Cayman Islands-based company sold its shares at $37 last week, generating more than $1 billion. Bullish confirmed on Tuesday that it decided to place most of the funds in digital tokens tied to traditional currencies.
Bullish Turns to Stablecoins After IPO
The firm said stablecoins are central to how it runs its operations. Chief Financial Officer David Bonanno described them as one of the most useful ways blockchain is being applied today. He added that Bullish already uses stablecoins for quick and secure transfers across its network, especially through Solana.
Notably, most of the company’s holdings are in Circle’s USDC on Solana. Other stablecoins accepted include PayPal’s PYUSD, Ripple’s RLUSD issued on the XRP Ledger, and USD1, which was launched by World Liberty Financial, a project linked to U.S. President Donald Trump. Bullish also holds EURC and USDC with Coinbase as custodian.
Bonanno said Bullish’s partnerships with leading stablecoin issuers show how the company’s infrastructure supports wider adoption. Solana Foundation President Lily Liu welcomed the move, saying that it showed how public markets can make use of blockchain technology. She pointed to Solana’s transaction speed and low cost as reasons it is well placed to support large financial flows.
Notably, while Bullish strengthens ties with Stablecoin usage, Japan is also advancing with a new policy on the asset. As noted in our recent news coverage, a top fintech firm based in Tokyo, JPYC Inc., became the first in Japan to issue a yen-pegged stablecoin backed by bonds and deposits.
Additionally, as detailed in our last news piece, Standard Chartered Bank (Hong Kong), Animoca Brands, and HKT have set up Anchorpoint Financial Limited to seek a stablecoin license from the Hong Kong Monetary Authority. The plan follows the new Stablecoins Ordinance, which took effect on August 1, 2025. The first licenses are expected in 2026.
Ethereum Remains Market Leader
Even though Bullish chose Solana for most of its proceeds, Ethereum continues to dominate the stablecoin market. Data from DefiLlama shows that Ethereum hosts more than $142 billion worth of stablecoins, while Solana holds about $12 billion. Analysts at JPMorgan recently said Ethereum is in a strong position to see more growth in this area.
The stock market response to Bullish has been mixed. Shares of BLSH climbed as high as $118 shortly after the IPO, tripling from their listing price. However, the stock has since dropped to around $59, almost half of its peak value.
Bullish, which also owns crypto news outlet CoinDesk, has not given further details on its plans for stablecoins beyond using them for transfers. A company representative did not respond to questions about why Solana was chosen for most of its holdings.
Still, the decision marks one of the largest examples of a public company turning to stablecoins in connection with its IPO, showing how digital assets are becoming a larger part of global markets.
