Peter Thiel-Backed Bullish Sets New Trend, Accepts $1.15 Billion Going Public Money In Stablecoins Like USDC: 'New Normal' In Making?

Cryptocurrency exchange Bullish BLSH announced Tuesday that it received $1.15 billion of its initial public offering proceeds in stablecoins, marking a historic first in the U.S. IPO scene.

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Stablecoin-Powered IPO

Bullish, which went public last week, said it has accepted the majority of its IPO proceeds in USDC USDC/USD stablecoin, along with a portion in EURC EURC/USD, with Coinbase Global Inc. COIN as the exclusive custodian. Other stablecoins used were PayPal USD PYUSD/USD, Ripple USD RLUSD/USD and World Liberty Financial USD/USD.

The majority of the stablecoins were minted on the Solana SOL/USD network, with Jefferies Financial Group Inc. JEF coordinating the minting, conversion, and delivery process.

“We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said David Bonanno, Bullish CFO

A Baller Move, Says Coinbase CEO

Coinbase CEO Brian Armstrong hailed the decision, calling it a “baller move” and a “big moment” for the cryptocurrency sector.

“Soon this will be the new normal,” he added.

Influential Investors Show Interest

Bullish, backed by billionaire venture capitalist Peter Thiel, opened for trading at $90.45 per share, well-above its initial public offering price of $37 per share.

Cathie Wood-led Ark Invest has shown high interest in the stock, with ARK Innovation ETF ARKK bagging 356,346 shares, valued at approximately $21.2 million, on Tuesday.

Price Action: Shares of Bullish slid 2.94% in after-hours trading after closing 6.09% lower at $59.51 during Tuesday’s regular trading session, according to data from Benzinga Pro. Since the blockbuster debut, the stock has fallen 12.49%.

The stock exhibited a moderately high Value score — a metric that evaluates a stock's relative worth by comparing its market price to fundamental measures of the company. Visit Benzinga Edge Stock Rankings to compare it with fellow cryptocurrency exchange Coinbase.