Cryptocurrency firm Bullish said that a substantial portion of its proceeds from the IPO were received in the form of stablecoins, as per an announcement by the company.
Bullish said majority of stablecoins minted on Solana network
The majority of the stablecoins were settled in the form of USDC and minted on the Solana network, according to the company’s press release. Other stablecoins received were USD CoinVertible, Global Dollar, PayPal USD, Ripple USD, USD1, Agora Dollar, and EURAU.
The company took to X to announce the details as well.
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“Bullish has arranged to receive $1.15 billion of proceeds from its recently completed initial public offering in stablecoins, which represents a historic step for the use of stablecoins in an initial public offering in the United States,” read the X post.
“We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said Bullish CFO David Bonnano in the official statement.
The update comes nearly a week after Bullish made its trading debut on the New York Stock Exchange under the ticker ’BLSH’ after initially seeking a $4.2 billion valuation, which was revised upwards on the back of multiple changes to the proposed IPO price range. Shares traded upwards by more than 140% within hours.
Source: Google Finance
At the time of reporting, the company’s shares were priced at $59.35, down by 6.34%. The company focuses on two main business segments: cryptocurrency exchange services and crypto news dissemination via its main outlet CoinDesk. The CEO of the company is Thomas Farley, who was the former president of the New York Stock Exchange.
