Bullish, a cryptocurrency exchange, completed its IPO with a unique settlement in stablecoins. Ark Invest, having invested significant amounts in the firm's stock, continues to build its stake.
Bullish's Debut and Its IPO
Bullish raised $1.15 billion in its IPO, marking one of the largest debuts in the crypto sector. The exchange sold approximately 20.3 million shares at $37 each. The first trading day on the New York Stock Exchange showed volatile performance.
Ark Invest's Investments in Bullish
Ark Invest increased its stake in Bullish, adding over 1 million shares. The firm now holds 1,165,397 shares valued at approximately $73.85 million. This indicates continued interest from Ark in Bullish shares, despite price fluctuations.
Use of Stablecoins in Proceeds
Bullish announced that all IPO proceeds were received in stablecoins, the first occurrence of its kind in the U.S. Most of the funds were in USDC issued by Circle. Other tokens, including stablecoins from Ripple and PayPal, were also utilized in the settlement.
Ark Invest's investments in Bullish underscore the growing interest of institutional investors in innovative financing methods within the cryptocurrency sector. The use of stablecoins in IPOs opens up new horizons for capital funding and borrowing.
