After its August 14, 2025, Nasdaq debut, crypto investment platform Bullish —backed by Peter Thiel— has made headlines again by opting to receive its IPO proceeds entirely in stablecoins, signaling a bold bet on mainstream crypto adoption.
$1.15 Billion in Stablecoins for IPO
In a press release, Bullish confirmed that it secured $1.15 billion in IPO proceeds via multiple stablecoins, marking a first-of-its-kind use case in global finance.
Investment bank Jefferies handled the issuance, conversion, and settlement of the stablecoins, with the majority minted on the Solana blockchain. Custody of the assets was entrusted exclusively to Coinbase.
The stablecoins received included USDCV and EURCV (Societe Generale-FORGE), USDG and PYUSD (Paxos), RLUSD (Ripple), USD1 (World Liberty Financial), AUSD (Agora), and AURAU (AllUnity).
Bullish Backs Solana Over Ethereum
Traditionally, stablecoins are tied to Ethereum, but Bullish’s choice of Solana highlighted speed and cost-efficiency as key priorities. Solana’s performance edge over Ethereum in transaction speed and fees proved decisive.
Bullish CFO David Bonanno emphasized the company’s internal reliance on stablecoins for global transfers:
We use them to execute fast, secure transfers globally, especially on Solana. Our collaboration with issuers —who are also listed on Bullish Exchange— shows how our infrastructure and liquidity fuel their growth.
The move underscores Bullish’s support for the rise of Internet Capital Markets (ICM) and signals its belief in Solana as a future on-chain stock exchange.
Solana will never flip the NASDAQ.
Or will it?
✔ More trades per day on Solana than all regional stock markets combined
✔ 92% of weekly total NASDAQ trades
✔ 66% of daily trades, 90% at peak
✔ 400 trades/second & growingTrack the flippening: https://t.co/XMgbA2ngBD pic.twitter.com/4aHVa2IHHq
— Solana (@solana) August 15, 2025
Retail Investors at the Core
In another unprecedented step, Bullish allocated 20% of its IPO shares to retail investors, double the typical ~10% allocation. The decision reflects the firm’s commitment to empowering individual investors—a core demographic of its exchange.
Congrats to @Bullish on their successful market debut.
Also I want to commend @ThomasFarley on ensuring one of the largest retail IPO allocations ever (20%!)
Glad to see retail investors getting the respect they deserve.
— Vlad Tenev (@vladtenev) August 14, 2025
As Bullish’s stock performance unfolds in the coming weeks, the move may set a new precedent for both IPO financing and the role of crypto infrastructure in traditional markets.
