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Bullish

Institutional exchange that IPO'd in stablecoins

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About

Bullish is an institutional-focused digital asset exchange (parent of CoinDesk) backed by Peter Thiel and Block.one. In August 2025 it became the first US IPO settled entirely in stablecoins, raising ~$1.15B predominantly in USDC plus EURC, PYUSD, RLUSD, USDG and others. It is a founding USDG / Global Dollar Network partner.

First US IPO ever settled entirely in stablecoins (2025).

Stablecoins

USDCUSDG

Key products

Bullish ExchangeCoinDesk

Chains

EthereumSolana
Founded
2021
HQ
Cayman Islands
Stage
Public
Funding
IPO 2025 (NYSE: BLSH)

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