Bullish has successfully completed its initial public offering (IPO), raising $1.15 billion in stablecoins. This event marks a significant milestone in the utilization of digital assets in financial markets.
Bullish's Market Debut
Bullish, a global digital asset platform, debuted on the market on August 14, 2025. The IPO captured significant investor interest, with demand exceeding 20 times the number of shares available. On the first day, Bullish's stock rose 84%, although it later dipped by 2.16% to $62.00 ahead of cautious trading.
Stablecoins and the IPO Process
The company noted that the majority of the funds raised were comprised of stablecoins minted on the Solana network. Jefferies served as the settlement agent, managing the minting and delivery of stablecoins for the offering. The main stablecoins offered to Bullish included USDC and EURC, securely held by Coinbase.
Comments from Ripple and the Future of Stablecoins
During the settlement process, Bullish also received Ripple USD (RLUSD), a stablecoin issued on the XRP Ledger. Ripple congratulated Bullish, stating, 'This is the first public listing to bring the settlement process onchain and sets a precedent for how stablecoins can shape future listings.' David Bonanno, Bullish's CFO, emphasized the transformative nature of stablecoins, particularly for fast and secure global fund transfers.
Bullish's initial public offering represents a pivotal step in the adoption of stablecoins within financial markets, potentially laying the groundwork for innovative approaches to future public offerings.
