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The global market for Initial Public Offerings, or IPOs, has struggled significantly over the last few years, with the outlook since 2021 remaining bleak. Nowhere has this been more evident than in the U.K., which, despite initial signs of a resurgence in 2024, only saw nine new listings in the first half of 2025, raising a cumulative £182.8 million. By contrast, the U.S. market shows signs of resurgence, continuing to offer higher valuations and more liquidity than other comparable U.K. and European exchanges. A recent IPO by
Bullish was founded in 2020, launching its exchange platform in 2021, and is backed by controversial Silicon Valley billionaire Peter Thiel. It is a
Bullish went public in August under the ticker BLSH, raising approximately $1.15 billion. Its share price surged at the opening, rising as high as $118 on the first day of trading, before settling at $68 at close, almost double its IPO price. However, the more notable aspect of the IPO was not the share price but the company’s decision to receive its proceeds in various dollar- and euro -denominated
Stablecoins are cryptocurrencies designed to maintain a stable value relative to a fiat currency, such as the U.S. dollar, and are increasingly subject to regulatory oversight. As their name implies, they are intended to be a more stable crypto asset than other coins, like bitcoin. Proponents of cryptocurrencies argue that they offer a viable way to facilitate payments and transactions without relying on traditional payment methods.
By choosing to receive its IPO proceeds in stablecoins rather than through traditional payment methods, Bullish may have shown how capital raising can, in practice, be settled more quickly, with greater transparency and on a cross-border basis.
Investors from different jurisdictions, including the U.S. and Europe, were able to participate using separate currencies without the usual complications of cross-border transfers. This avoided the costs and delays of foreign exchange conversion and allowed Bullish to access and apply the funds almost immediately. While the broader adoption of such structures will depend on market acceptance and regulatory treatment, the transaction provides an early indication that stablecoins could alter the mechanics of IPO fundraising by reducing reliance on intermediaries and enabling issuers to make use of proceeds more rapidly than under conventional settlement processes.
Of course, for crypto-native companies such as Bullish, raising funds in stablecoins makes perfect sense because most of the players within its day-to-day ecosystem accept payment in this form. In that respect, the Bullish IPO has shown that stablecoins can create an easy-to-navigate path for the average retail investor to participate in the world of crypto.
Bullish’s decision to receive the proceeds from its IPO in stablecoins, a global first, represents a significant milestone in fundraising. Traditionally, a company raising capital would receive its proceeds in fiat currencies, such as U.S. dollars or British pounds. By opting for stablecoins, Bullish signals confidence in the growing role of cryptocurrencies not only in the financial market but also in everyday consumer life. Yet, the practical application of such proceeds raises important questions. For example, if funds are intended for acquisitions, will target shareholders accept stablecoins as consideration, or will conversion back to traditional payment be required — potentially undermining the purpose of raising funds in digital form?
Beyond individual fundraising efforts, the broader impact on financial institutions remains uncertain.
Banks, which rely heavily on fiat liquidity for payments and lending, are unlikely to embrace widespread stablecoin fundraising until they establish profitable ways to integrate stablecoins into existing systems. At the same time, if stablecoins become an accepted form of capital, lenders may need to assess whether they can treat them as collateral or use them in financing structures. While Bullish’s IPO is only an isolated case, it may serve as an early indicator of how digital assets could reshape not only capital raising but also the foundations of corporate finance.
