Bullish Inc. (NYSE: BLSH), a global digital asset platform catering to institutional clients, announced Tuesday it has received $1.15 billion in proceeds from its initial public offering (IPO), settled entirely in stablecoins.
According to an announcement from the Cathie Wood favored firm, the transaction marks a significant milestone for the use of blockchain-based currencies in U.S. capital markets.
The majority of the stablecoins were minted on the Solana (SOL) blockchain, with Jefferies serving as the billing agent for the offering. Jefferies oversaw the minting, conversion and distribution of the digital assets, coordinating with multiple issuers and platforms across North America, Europe and Asia.
Bullish received a range of US dollar-and euro-denominated stablecoins, including USD CoinVertible and EUR CoinVertible issued by Societe Generale-FORGE, Global Dollar and PayPal USD issued by Paxos, Ripple USD on the XRP Ledger, USD1 from World Liberty Financial, Agora Dollar from Agora, and EURAU from AllUnity.
Most of the proceeds were settled in USDC, with a portion in EURC. All assets are being held in custody by Coinbase.
Says Bullish CFO David Bonanno,
“We view stablecoins as one of the most transformative and widespread use cases for digital assets. Internally, we leverage them for rapid and secure global fund transfers, especially on the Solana network. We believe our collaborations with the stablecoin issuers represented here, including their listings on our Bullish Exchange, demonstrate how the infrastructure and liquidity we’ve built at Bullish helps power their businesses.”