Bullish settled $1 billion of the proceeds in stablecoins denominated in dollars and euros

Davis Polk advised the representatives of the several underwriters in connection with the initial public offering of 30,000,000 ordinary shares of Bullish for total gross proceeds of $1.11 billion. Bullish has granted the underwriters an option to purchase up to 4,500,000 additional ordinary shares to cover over-allotments. The ordinary shares are listed on the New York Stock Exchange under the ticker symbol “BLSH.” Bullish settled $1 billion of the proceeds in stablecoins denominated in dollars and euros.

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services designed to support institutional growth and drive the adoption of stablecoins, digital assets and blockchain technology. Bullish was founded in 2020 with the vision to build an institutional-grade global exchange enabling optimized execution powered by a customizable, compliance-first infrastructure. Through the 2023 acquisition of CoinDesk, a leading digital asset media platform and data provider, Bullish expanded its product offering to provide several distinct but complementary services spanning the digital assets industry.

The Davis Polk capital markets team included partners Joseph A. Hall and Daniel P. Gibbons and associates Dylan H. Lojac, Sakiko Nishida and Lizzy Rosa Di Sant. Partners Gabe Rosenberg, Zachary J. Zweihorn and David L. Portilla and associate Boaz B. Goldwater provided financial institutions advice. Partner Lucy W. Farr provided tax advice. Partner Jason Xu advised on Hong Kong legal matters. Members of the Davis Polk team are based in the New York, Washington DC and Beijing offices.

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