Bullish makes crypto IPO history, then tanks
Bullish makes crypto IPO history, then tanks originally appeared on TheStreet.
Bullish, the global digital asset platform behind the BLSH stock ticker, has completed a landmark IPO, becoming the first U.S. public company to settle the majority of its offering proceeds in stablecoins.
The offering, which took place on August 14, raised $1.15 billion — a significant sum for a company bridging traditional finance and the digital asset economy. But what truly set the listing apart was its structure: proceeds were settled using a basket of stablecoins including USDC, EURC, PayPal USD (PYUSD), Ripple USD (RLUSD), and others, all held in custody by Coinbase.
Bullish operates a regulated spot and…
