Bullish receives $1.15 billion in IPO proceeds in stablecoin form

Bullish, a cryptocurrency trading platform, announced that it has arranged to receive $1.15 billion in stablecoins from its recently completed initial public offering (IPO), marking a historic step forward in the use of stablecoins in U.S. IPOs.

The vast majority of stablecoins were minted for Bullish on the Solana network. Bullish received the following USD- and EUR-denominated stablecoins: funds from the IPO, most of which were settled in USDC and some in EURC, all held exclusively in custodianship by Coinbase, as well as USDCV, EURCV, USDG, PYUSD, RLUSD, USD 1, AUSD, and EURAU.