Peter Thiel-Backed Crypto Exchange Bullish Raises $1.15 Billion Using Solana Stablecoins In Historic IPO

Bullish just pulled off the most audacious capital raise in crypto history—$1.15 billion raised entirely through Solana-based stablecoins, backed by Peter Thiel himself.

How They Did It

Forget traditional banking rails. Bullish bypassed legacy systems entirely, leveraging Solana’s blistering transaction speeds and near-zero fees to structure an IPO that moved at the speed of DeFi. The offering attracted institutional whales and retail traders alike—proof that when you combine Thiel’s Midas touch with crypto-native execution, capital floods in.

Why It Matters

This isn’t just another funding round. It’s a statement. By raising over a billion dollars using Solana stablecoins, Bullish didn’t just secure capital—it showcased the maturity of crypto infrastructure. No intermediaries, no slow settlements, no begging Wall Street for approval. Just pure, efficient, digital finance.

Of course, the old-guard bankers are already calling it reckless—because nothing terrifies traditional finance more than a market that doesn’t need them.

Bullish’s move signals where finance is headed: faster, cheaper, and utterly disruptive. Watch this space—because the establishment won’t know what hit it.

What to Know:

• Bullish raised $1.15 billion in its IPO using stablecoins minted primarily on the Solana network, marking a historic first for U.S. public offerings
• The exchange's stock opened at $90 per share on the NYSE, surging 143% from its $37 IPO price before falling to around $59 within a week
• Investment bank Jefferies coordinated the minting and delivery of various USD and EUR-denominated stablecoins including USDC and EURC from issuers like Circle, Paxos and Ripple

Revolutionary Funding Structure

The SEC filing reveals Bullish arranged to receive its IPO proceeds in digital stablecoins rather than traditional currency. Most stablecoins used in the capital raise were created on the solana blockchain network. Jefferies served as the billing and delivery agent, handling the complex process of minting, converting and delivering these digital assets to the exchange.

The company received multiple types of stablecoins pegged to both U.S. dollars and euros. These included Circle's USD Coin (USDC), EUR Coin (EURC), and additional tokens issued by established financial institutions including Paxos and Ripple. This diverse mix of digital currencies represents a significant departure from conventional IPO funding mechanisms.

David Bonanno, Bullish's chief financial officer, described stablecoins as "one of the most transformative and widespread use cases for digital assets." The executive emphasized how his company uses these tokens for rapid international money transfers, particularly leveraging Solana's network infrastructure.

Industry Response and Market Impact

Solana Foundation President Lily Liu characterized the development as evidence of blockchain technology's potential to revolutionize capital markets. "Internet Capital Markets enable capital to move faster, with greater transparency, and in a globally accessible manner," Liu stated. She noted that Bullish's approach combines traditional public market structures with blockchain technology, positioning Solana as a key player in market innovation.

Greg Tusar, Coinbase's vice president of institutional products, called the IPO a pivotal moment for digital asset adoption. Tusar highlighted the transformative potential of stablecoins in modernizing existing financial systems. He also praised Coinbase's custody services as supporting this groundbreaking initiative.

The exchange's public debut generated significant initial enthusiasm. Shares opened at $90 each on Wednesday, representing a 143% premium over the $37 IPO price. Trading reached a peak of $117 during the first session.

However, market sentiment shifted quickly. The stock has retreated to approximately $59, erasing nearly half its initial gains within just one week of trading. This volatility reflects broader uncertainty in cryptocurrency markets and investor skepticism about digital asset companies entering public markets.

Understanding Stablecoins and Digital Asset Infrastructure

Stablecoins are cryptocurrencies designed to maintain stable value by pegging their price to traditional currencies or commodities. Unlike volatile cryptocurrencies such as Bitcoin or Ether, stablecoins aim to provide price stability while retaining benefits of digital transactions including speed and global accessibility.

The Solana network has emerged as a popular platform for stablecoin creation and transfers due to its high transaction speeds and relatively low costs. Major stablecoin issuers including Circle have increasingly utilized Solana alongside ethereum for their digital currency operations.

USDC, one of the primary stablecoins used in Bullish's IPO, maintains reserves of U.S. dollars and short-term government securities to back each token. EURC operates similarly but pegs its value to the euro, providing European currency exposure within the digital asset ecosystem.

Market Implications

This funding model could signal broader changes in how companies raise capital and conduct business operations. Traditional IPOs typically involve banks collecting funds in conventional currency and transferring them to newly public companies through established banking channels.

Bullish's approach bypasses much of this infrastructure, instead receiving digital assets that can be held, traded or converted as needed. This method potentially reduces transaction costs and settlement times while providing the company direct exposure to digital asset markets.

The exchange joins several other cryptocurrency companies that have pursued public listings in recent years. This trend reflects growing mainstream acceptance of digital assets despite regulatory uncertainty and market volatility.

Closing Thoughts

Bullish's $1.15 billion stablecoin-funded IPO represents a significant milestone in the convergence of traditional finance and digital assets. While the company's stock performance has been volatile since its NYSE debut, the successful completion of this innovative funding structure may encourage other firms to explore similar approaches. The transaction demonstrates both the potential and challenges facing cryptocurrency companies as they seek to bridge established financial markets with emerging blockchain technology.