Cryptocurrency exchange Bullish BLSH announced Tuesday that it received $1.15 billion of its initial public offering proceeds in stablecoins, marking a historic first in the U.S. IPO scene.
BLSH is at important technical levels. Watch the momentum here.
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Bullish, which went public last week, said it has accepted the majority of its IPO proceeds in USDC USDC/USD stablecoin, along with a portion in EURC EURC/USD, with Coinbase Global Inc. COIN as the exclusive custodian. Other stablecoins used were PayPal USD PYUSD/USD, Ripple USD RLUSD/USD and World Liberty Financial USD/USD.
The majority of the stablecoins were minted on the Solana SOL/USD network, with Jefferies Financial Group Inc. JEF coordinating the minting, conversion, and delivery process.
“We view stablecoins as one of the most transformative and widespread use cases for digital assets,” said David Bonanno, Bullish CFO
See Also: Circle Launches New Blockchain For Stablecoins: Goldman Sachs, JPMorgan Analysts Adjust Price Targets
A Baller Move, Says Coinbase CEO
Coinbase CEO Brian Armstrong hailed the decision, calling it a “baller move” and a “big moment” for the cryptocurrency sector.
“Soon this will be the new normal,” he added.
Influential Investors Show Interest
Bullish, backed by billionaire venture capitalist Peter Thiel, opened for trading at $90.45 per share, well-above its initial public offering price of $37 per share.
Cathie Wood-led Ark Invest has shown high interest in the stock, with ARK Innovation ETF ARKK bagging 356,346 shares, valued at approximately $21.2 million, on Tuesday.
Price Action: Shares of Bullish slid 2.94% in after-hours trading after closing 6.09% lower at $59.51 during Tuesday’s regular trading session, according to data from Benzinga Pro. Since the blockbuster debut, the stock has fallen 12.49%.
The stock exhibited a moderately high Value score — a metric that evaluates a stock’s relative worth by comparing its market price to fundamental measures of the company. Visit Benzinga Edge Stock Rankings to compare it with fellow cryptocurrency exchange Coinbase.
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Photo Courtesy: Denis Anikin V on Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
$EURCEURC – United States dollarNot Available-%Stock Score Locked: Edge Members Only
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Unlock RankingsEdge RankingsMomentumN/APrice TrendShortMediumLongOverview$PYUSDPayPal USD – United States dollar$1.000.03%$RLUSDRLUSD – United States dollar$0.9999-0.01%$SOLSolana – United States dollar$180.952.69%$USDCUSD Coin – United States dollar$0.9997-0.01%ARKKARK Innovation ETF$73.32-0.96%BLSHBullish$58.31-2.02%COINCoinbase Global Inc$304.000.64%JEFJefferies Financial Group Inc$59.77-%Market News and Data brought to you by Benzinga APIs
