Bullish on Crypto? An IPO and its implications for corporate fundraising
Rosenblatt Law Partner Tom Spiller, Corporate Associate Gabriela Parra, and Trainee Solicitor Asher Laws discuss the recent IPO by crypto exchange Bullish, on the New York Stock Exchange (NYSE), which has presented a fascinating case in how IPOs may develop in the future, in particular how the form of IPO proceeds may change.
Section 1: Background and Context
The global market for Initial Public Offerings (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 UK 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 [1]. By contrast, the US market shows signs of resurgence, continuing to offer higher valuations and more liquidity than other comparable UK and European exchanges [2]. A recent IPO by crypto exchange Bullish, on the New York Stock Exchange (NYSE), has presented a fascinating case in how IPOs may develop in the future, in particular how the form of IPO proceeds may change.
The Cayman-Islands headquartered Bullish was founded in 2020, launching its exchange platform in 2021, and is backed by controversial Silicon Valley billionaire Peter Thiel. It is a blockchain-based cryptocurrency exchange platform targeted at institutional investors, with total trading volume on their platform surpassing $1.25 trillion as of March 2025 [3]. Unlike typical crypto exchanges, such as Binance and Coinbase, Bullish is a decentralised exchange governed by a blockchain-based technology protocol rather than a singular group or entity.
Bullish went public on 13 August 2025 under the ticker BLSH, raising approximately $1.15 billion after selling 30 million shares, or 19.9% of the company, at an IPO price of $37 per share [4]. 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 [5]. However, the more notable aspect of the IPO was not the share price but the company’s decision to receive its proceeds in various USD and EUR denominated stablecoins, mostly minted for Bullish on the Solana network.
Stablecoins are cryptocurrencies designed to maintain a stable value relative to a fiat currency, such as USD, and are increasingly subject to regulatory oversight. They are intended to be a more stable crypto asset than other coins, like Bitcoin, that proponents of cryptocurrencies argue 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 US 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.
Section 2: What does this mean for corporate fundraising
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 US 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.
In practical terms, raising equity in stablecoins may enable companies to shorten the gap between raising funds and putting them to use. Treasury teams would have immediate access to working capital that can be transferred across group entities without the delays of conventional cross-border payments. Day-to-day expenses, such as supplier invoices, technology costs or overseas payroll, could be met directly in stablecoins, avoiding conversion charges and banking delays. The ability to deploy funds quickly may in turn allow management to respond more promptly to market opportunities or liquidity requirements. Much will depend on how regulatory and accounting frameworks evolve, but the Bullish IPO provides an early example of how stablecoin proceeds could simplify corporate cash management and improve the efficiency of newly raised capital.
Section 3: Conclusions
Concerns about the adoption of cryptocurrencies often centre on their volatility, decentralisation and lack of regulation and therefore invite chaos into a system which despises uncertainty. Bullish’s IPO is prescient, not only in its name and in how many feel about cryptocurrencies, but also in the potential future the global financial system is facing when it comes to, not only payment, but also the raising and usage of capital. For companies, the ability to raise equity and have it available for operational use almost immediately is a notable departure from conventional processes. At this stage, it remains too early to tell whether Bullish’s approach will be replicated more widely, but it provides a useful case study in how digital assets could begin to influence corporate fundraising. The real question is whether Bullish’s example remains an outlier or marks the beginning of a broader transformation in global finance.
At Rosenblatt Law, our team advises both new and established blockchain businesses on navigating the complex legal and regulatory landscape of this evolving sector. Drawing on expertise across corporate, international arbitration and disputes, we support clients in adapting to market and technological change.
If you are considering expanding into digital assets or exploring new fundraising opportunities, please contact Tom Spiller or your usual Rosenblatt Law contact.
[1] Market uncertainty stalls London IPO activity | EY - UK
[2] What next for equities after a decade of US outperformance? | Vanguard UK Professional
[3] Bullish Crypto IPO Turns Founders Into Billionaires - Bloomberg
[4] Bullish announces pricing of upsized initial public offering | Bullish
[5] Bullish (BLSH) Price News: Shares Soar Following IPO
Rosenblatt Law
September 2025