---
title: "Peter Thiel-Backed Bullish Is Trending Overnight: Here's Why"
description: "Bullish BLSH stock fell 1.75% in after-hours trading to $53.31, following a 12.53% decline during regular trading after its IPO. The cryptocurrency exchange, backed by Peter Thiel, made history by acc"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/255884663.md"
published_at: "2025-09-04T04:18:23.000Z"
---

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

> Bullish BLSH stock fell 1.75% in after-hours trading to $53.31, following a 12.53% decline during regular trading after its IPO. The cryptocurrency exchange, backed by Peter Thiel, made history by accepting $1.15 billion of its IPO proceeds in stablecoins. BLSH has a market cap of $8.08 billion and has seen significant volatility, trading between $53.01 and $118 in the past year. Jefferies Financial Group coordinated the stablecoin process, with most tokens minted on the Solana blockchain.

**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 Settlement

The **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 Impact

The 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 / Shutterstock*

**Disclaimer:** This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.