Peter Thiel-Backed Bullish Embraces $1.15 Billion in Stablecoin Funding for Public Offering: A 'New Normal' on the Horizon?
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Benzinga
Updated: Aug 20 2025Historic IPO Announcement: Cryptocurrency exchange Bullish (BLSH) reported that it received $1.15 billion from its initial public offering in stablecoins, a first for the U.S. IPO market.
Stablecoin Usage: The majority of the proceeds were accepted in USDC and EURC stablecoins, with Coinbase acting as the custodian, and most stablecoins minted on the Solana network.
Market Reaction: Following its debut at $90.45 per share, Bullish's stock fell 12.49% since then, closing at $59.51 after a 6.09% drop during regular trading.
Investor Interest: Notable investors like Peter Thiel and Cathie Wood's Ark Invest have shown significant interest in Bullish, with Ark Invest acquiring over 356,000 shares valued at approximately $21.2 million.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
