Surge from $37 to $118 in Hours — Bullish’s $1.1B IPO Shakes the Market
Bullish, the cryptocurrency exchange supported by Peter Thiel, made a historic mark on Wall Street on August 14, 2025, by raising $1.15 billion entirely in stablecoins during its IPO. This innovative maneuver marked the first instance of a U.S. public listing being settled without conventional cash.
Shares that began at $37 each skyrocketed to a peak of $118 on their debut on the New York Stock Exchange (NYSE) under the ticker BLSH, ultimately closing at $68—an impressive 83% increase within just one day.
Tokens Driving a Landmark IPO
In contrast to traditional listings, Bullish’s settlement utilized a collection of stablecoins. The assortment consisted of USDC and EURC (Circle), RLUSD (Ripple), USDG (Paxos), and EU-issued tokens like USDCV and EURCV (Societe Générale). Even lesser-known issuers like Agora, AllUnity, and World Liberty Financial contributed their stablecoins.
Ripple hailed the listing as a “first-of-its-kind onchain settlement,” emphasizing how stablecoins could transform the IPO landscape.
Solana and Coinbase in the Spotlight
The settlement process took place on Solana, selected for its rapidity and scalability. According to Bullish CFO David Bonanno:
“We believe stablecoins represent a significant and widespread application of digital assets. Internally, we use them for swift and secure global fund transfers, particularly over the Solana network.”
Coinbase served as the custodian, while Jefferies managed the minting, conversion, and distribution of the tokens globally—effectively substituting traditional banks in the IPO process.
Investor Reactions to Bullish Stock
At the outset, Bullish sold 30 million shares at $37, valuing the firm at about $5.4 billion. However, by the end of the first trading day, Reuters estimated that the company’s valuation surged to nearly $13 billion.
Former NYSE president and current Bullish CEO Tom Farley captured the sentiment:
“The institutional wave has begun. The positive response to our IPO indicates that investors see this as a pivotal moment.”
Support from Major Players Like PayPal and Ripple
The success of the IPO was not solely about Bullish — it highlighted the increasing traction for stablecoin use. With major players such as PayPal, Circle, Ripple, and SocGen on board, the listing confirmed the significance of tokenized currency in mainstream finance.
For institutions, the benefits are clear: quicker settlements, reduced costs, and enhanced cross-border efficiency compared to traditional payment methods.
Implications of Bullish’s IPO for Future Finance
Bullish’s listing follows a series of crypto-native IPOs, including Circle’s launch in June 2025, which surged over 160% on its first day. Together, these developments signal a future where blockchain infrastructures and stablecoins empower not just crypto startups, but potentially mainstream financial entities.
As supportive legislation like the GENIUS Act enhances regulatory clarity, more digital asset firms may seek to go public in this manner—bridging Wall Street and Web3 more closely.
Should more companies choose this route, the dynamics of fundraising on Wall Street might be transformed forever — elevating stablecoins from a crypto specialty to the foundation of global finance.
