Peter Thiel-Backed Bullish Is Trending Overnight: Here's Why

Bullish BLSH declined 1.75% in after-hours trading to $53.31, down from its closing price of $54.26 on Wednesday. According to Benzinga Pro data, the cryptocurrency exchange closed regular trading down 12.53% and continued facing selling pressure following its groundbreaking initial public offering (IPO) settlement.Check out the current price of BLSH stock here.The stock of the cryptocurrency exchange which allows users to trade in digital assets such as Bitcoin BTC/USD and Ethereum ETH/USD has experienced significant volatility since going public, trading within a 52-week range of $53.01 to $118. BLSH maintains an $8.08 billion market capitalization with an average daily volume of 5.11 million shares.Revolutionary Stablecoin IPO SettlementThe Peter Thiel-backed exchange made history by accepting $1.15 billion of its IPO proceeds in stablecoins, marking the first such transaction in U.S. public markets. According to CFO David Bonanno, “We view stablecoins as one of the most transformative and widespread use cases for digital assets.”The majority of proceeds were received in USDC USDC/USD stablecoin, with portions in EURC EURC/USD, PayPal USD PYUSD/USD, Ripple USD RLUSD/USD, and World Liberty Financial WLFI/USD tokens. Coinbase Global Inc. COIN served as the exclusive custodian for the assets.Technical Analysis and Market ImpactThe digital asset marketplace reached a five-day high of $64.76 on August 28 with a trading volume of 265,000 shares, before sliding to a low of $53.36 by 3:30 p.m. on September 3, with volume at 223,000 shares, and eventually closing the session at $54.26 with total volume rising to 491,000 shares, significantly above its $37 IPO price.Jefferies Financial Group Inc. JEF coordinated the stablecoin minting and conversion process, with most tokens created on the Solana SOL/USD blockchain network.Benzinga Edge Stock Rankings indicate that BLSH stock has a negative price trend across all time frames. Track the performance of other players in this segment. Trump Family’s Stake Swells To $1.46 Billion As American Bitcoin Makes Stock Market Debut Photo: Kaspars Grinvalds / ShutterstockDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.