TLDR
- Bullish raised $1.15 billion through its IPO by selling 20.3 million shares at $37 each.
- The exchange opted to receive the entire IPO proceeds in stablecoins including USDC and RLUSD.
- Most of the funds were in USDC, Circle’s dollar-backed stablecoin, with a portion in EURC.
- Ripple’s RLUSD, minted on the Solana network, was also part of the settlement process.
- Bullish’s move marks the first U.S. IPO to use stablecoins for such a large-scale transaction.
Bullish, the Peter Thiel-backed crypto exchange, has made a significant move by receiving the full $1.15 billion proceeds from its recent IPO in stablecoins. The exchange opted for several digital currencies, including USDC and RLUSD, to settle the funds. This development marks a groundbreaking moment for the use of stablecoins in U.S. IPOs, with Bullish becoming the first company to do so on such a large scale.
Bullish Secures IPO Funds in Stablecoins
Bullish raised $1.15 billion after successfully selling 20.3 million shares at $37 per share. In a historic move, the exchange arranged to receive the entire proceeds in stablecoins, a departure from traditional fiat currency. Most of the funds were in USDC, Circle’s dollar-backed stablecoin, with a portion held in EURC, Circle’s euro-backed stablecoin. Additionally, Ripple’s RLUSD, minted on the Solana network, was part of the settlement process.
David Bonanno, Bullish’s CFO, stated,
“Stablecoins represent one of the most transformative uses of digital assets.”
He emphasized that the company is leveraging these digital currencies for faster, more secure global transfers, particularly on the Solana network. This marks the first IPO in the U.S. to use stablecoins for such a large-scale transaction, setting a new precedent for the industry.
Ripple and Coinbase React to Bullish’s Historic IPO
Ripple congratulated Bullish for its successful IPO and noted that RLUSD, issued on the XRP Ledger, was part of the settlement. Ripple’s spokesperson highlighted that this IPO is the first public listing to incorporate on-chain settlement using stablecoins, signaling a new era for crypto listings. They added that Bullish’s move will likely influence future public offerings.
Congrats to @Bullish on a successful IPO! 👏
A portion of the IPO proceeds were settled in $RLUSD, minted on the XRP Ledger. This is the first public listing to bring the settlement process onchain and sets a precedent for how stablecoins can shape future listings. https://t.co/AD4AkpPnLD
— Ripple (@Ripple) August 19, 2025
Coinbase, the exclusive custodian for Bullish’s USDC and EURC holdings, praised the move as revolutionary. A spokesperson from the exchange remarked,
“Bullish has proven that stablecoins are faster, cheaper, and more global.”
