Bullish Raises $1.15B via Solana Stablecoins in Historic IPO

Bullish just pulled off the largest crypto IPO in history—and they did it entirely with Solana-based stablecoins.

How They Rewrote the Rulebook

Forget traditional banking channels. Bullish bypassed legacy systems entirely, raising $1.15 billion through Solana's lightning-fast stablecoin infrastructure. The move signals a seismic shift in how major financial operations can—and will—be executed.

Why This Changes Everything

This isn't just another funding round. It's a direct challenge to Wall Street's IPO monopoly. By leveraging Solana's efficiency, Bullish cut settlement times from days to seconds while slashing intermediary fees to near-zero. Traditional investment banks just watched their entire business model get disrupted in real-time.

What's Next for Crypto Finance

The $1.15 billion raise proves institutional capital isn't just dipping toes—it's diving headfirst into crypto-native financial instruments. Expect more DeFi IPOs, more blockchain-based capital raises, and more traditional finance players scrambling to catch up. After all, nothing motivates innovation like watching someone else eat your lunch—especially when it's a billion-dollar meal served on a blockchain.

Stablecoins Enter Wall Street IPOs

The SEC filing, dated August 19, details how Bullish structured its capital raise around stablecoins as part of its recent initial public offering (IPO) on the New York Stock Exchange (NYSE), where it trades under the ticker symbol BLSH. Instead of relying solely on traditional fiat settlements, the exchange received the majority of its $1.15 billion in proceeds via stablecoins—including Circle’s USDC, EUR Coin (EURC), Paxos-issued tokens, and Ripple-backed stablecoins.

Investment bank Jefferies played a pivotal role as the billing and delivery agent, coordinating the minting, conversion, and settlement of these digital assets. The decision to conduct settlement through solana highlights the network’s scalability, speed, and efficiency, with its ability to handle thousands of transactions per second at minimal cost compared to traditional banking systems.

This development signals a turning point for Wall Street. Stablecoins—often considered the backbone of decentralized finance (DeFi)—are now making their way into traditional equity markets, blending the efficiency of blockchain infrastructure with established public market frameworks.

Why Solana?

Bullish’s decision to prioritize Solana-minted stablecoins was not accidental. The Solana blockchain has become a favorite among institutions due to its low transaction fees, high throughput, and ability to settle payments in near real-time. This makes it particularly attractive for large-scale financial transactions such as IPO settlements, where efficiency and reliability are critical.

According to David Bonanno, Chief Financial Officer of Bullish, stablecoins represent “one of the most transformative and widespread use cases for digital assets.” He emphasized that using Solana’s network enables rapid, secure, and transparent fund transfers across borders—reducing friction and expanding liquidity within Bullish’s trading ecosystem.

From a strategic standpoint, Solana offers Bullish a cost-effective solution compared to Ethereum, where gas fees remain volatile and significantly higher. Furthermore, Solana’s DEEP ties with the Solana Foundation and its growing ecosystem of institutional partnerships have reinforced its position as a blockchain network capable of supporting enterprise-grade financial activities.

Industry Reactions

The move has drawn widespread attention from both traditional financial leaders and crypto industry veterans. Lily Liu, President of the Solana Foundation, described Bullish’s IPO as “a major leap in merging public market infrastructure with blockchain rails.” She argued that the use of Solana stablecoins demonstrates how capital markets can achieve greater transparency, efficiency, and global accessibility.

Similarly, Greg Tusar, Vice President of Institutional Product at Coinbase, called this a “pivotal moment” for the digital asset ecosystem. He noted that Coinbase’s custody services played an integral role in supporting this initiative, ensuring regulatory compliance and safeguarding institutional investors’ capital.

These endorsements reflect a growing recognition that stablecoins—once seen primarily as tools for traders and DeFi enthusiasts—are becoming integral to mainstream financial systems.

A Rocky Start for BLSH Stock

While Bullish’s adoption of stablecoins represents a historic breakthrough, the company’s stock performance has been volatile in its first week of trading. Bullish debuted on the NYSE last Wednesday at $90 per share, a 143% jump from its IPO price of $37. On its opening day, shares surged to an intraday high of $117, signaling strong investor enthusiasm.

However, that momentum quickly faded. Within a week, BLSH retraced nearly 49%, falling to around $59. The decline underscores the broader uncertainty surrounding crypto-related equities, which remain sensitive to regulatory shifts, market sentiment, and the inherent volatility of digital asset markets.

Still, analysts argue that Bullish’s long-term vision—centered on integrating blockchain technology into capital markets—may outweigh short-term turbulence. As more institutions embrace stablecoins for settlement and cross-border payments, Bullish’s early MOVE could position it as a trailblazer in the next evolution of exchange platforms.

The Bigger Picture: Stablecoins as Financial Infrastructure

The significance of Bullish’s decision extends far beyond its IPO. By incorporating Solana-based stablecoins into a major capital raise, the exchange has effectively demonstrated how blockchain technology can streamline traditional financial processes.

Stablecoins pegged to the U.S. dollar or euro offer a bridge between the crypto and fiat economies, reducing volatility while retaining the benefits of digital asset transactions. For exchanges like Bullish, this means faster settlement times, lower fees, and improved liquidity—features that are increasingly attractive to institutional investors.

Moreover, this development could set a precedent for future IPOs and corporate fundraising efforts. If successful, more companies may explore stablecoin settlements as part of their public offerings, creating a Ripple effect across global financial markets.

Conclusion

Bullish’s $1.15 billion capital raise through Solana stablecoins is more than just a fundraising strategy—it is a landmark moment in financial history. By merging Wall Street’s traditional frameworks with blockchain-based settlement, Bullish has demonstrated how stablecoins can enhance transparency, efficiency, and global accessibility in capital markets.

Although the company’s stock has faced significant volatility in its debut week, the long-term implications of its strategy are profound. With industry leaders like Coinbase and the Solana Foundation backing its vision, Bullish has positioned itself at the forefront of financial innovation.