Bullish, the digital asset platform backed by Peter Thiel, has announced it received $1.15 billion in IPO proceeds entirely in stablecoins. The August 14 debut was one of the year’s most anticipated listings, with demand over 20 times the supply of available shares. Bullish’s stock surged 84% on day one, though pre-market trading saw a modest 2.16% drop to $62.
The stablecoin proceeds were largely denominated in USDC and EURC, custodied by Coinbase. Other tokens included USD CoinVertible and EUR CoinVertible from Societe Generale-FORGE, PayPal USD, Agora Dollar, Global Dollar, USD1, and EURAU. Most of the coins were minted on Solana, with Jefferies overseeing conversion, settlement, and delivery across U.S., European, and Asian markets.
By structuring its IPO proceeds in blockchain-based tokens, Bullish underscored its push to integrate crypto-native settlement into mainstream finance. The move not only demonstrates stablecoins’ growing role in large-scale capital markets but also aligns with Bullish’s ambition to reshape global digital asset trading.
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