Bullish on Solana: Bullish

When a major cryptocurrency exchange processes over a billion dollars of its own IPO proceeds on a blockchain network, it's more than just a transaction—it's a massive vote of confidence. At Breakpoint 2025, Bullish's Michael Lau revealed that the vast majority of the company's $1.15 billion IPO proceeds were processed as stablecoins on the Solana network, marking one of the most significant institutional endorsements of Solana's financial infrastructure to date.

Summary

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Michael Lau, Senior Vice President and Group Head of Business Development at Bullish, delivered a compelling presentation outlining the exchange's journey from a 20-person prototype to one of the world's largest institutional cryptocurrency platforms. His talk contextualized the broader shift from retail-dominated crypto markets toward institutional participation, drawing parallels to the evolution of traditional equity markets over centuries.

The centerpiece of Lau's presentation was the revelation that Bullish chose Solana as its primary network for stablecoin operations across its exchange and clearing services. This decision wasn't merely theoretical—it was put into practice during Bullish's IPO on the New York Stock Exchange, where the company processed $1.15 billion in proceeds predominantly through Solana-based stablecoins.

Lau also announced that Solana Accelerate APAC would be coming to Consensus Hong Kong in February 2026, bridging the worlds of traditional crypto conferences with Solana's growing ecosystem presence. This partnership between CoinDesk's flagship conference franchise and Solana further underscores the network's rising prominence in institutional circles.

Key Points:

The Path to Institutionalization

Lau presented a fascinating framework for understanding crypto's evolution by comparing it to traditional markets. He noted that US equity markets, with over 200 years of history, see approximately 80% of volume driven by institutions. Chinese equity markets, at 90-plus years old, have about 60% institutional participation—which traditional finance professionals considered "retail-driven." In stark contrast, cryptocurrency markets, barely over a decade old, were estimated to be 95% retail-driven when Lau joined Bullish.

This disparity represents both a challenge and an opportunity. Lau argued that two primary factors will drive crypto toward institutional adoption: the recognition of value in professional risk management, and increasing regulation of the space. These forces, he suggested, will push crypto markets toward an institutionalization pattern that "rhymes with history" seen in other asset classes.

Bullish's Two-Pillar Strategy

Bullish was built on a strategic foundation designed specifically to attract institutional capital. The first pillar focused on being a "counterparty you could trust"—speaking the language institutions understand. This meant implementing robust KYC and AML procedures, obtaining proper regulatory licenses, and engaging Big Four auditors to provide the assurance institutional clients require.

The second pillar addressed a fundamental problem institutions face: finding deep and reliable liquidity. By focusing on these two areas, Bullish positioned itself to capture the growing institutional appetite for cryptocurrency exposure while maintaining the compliance standards that large financial players demand.

Why Solana for Institutional Infrastructure

The selection of Solana as Bullish's primary network for stablecoin operations wasn't arbitrary. Lau explained that the exchange needed a network specifically suited for financial primitives—one offering high throughput and predictable, low transaction costs. When evaluating options for providing faster, cheaper, constantly accessible US dollar formats, stablecoins on networks optimized for performance, liquidity, and capital efficiency emerged as the clear choice.

Bullish CEO Thomas Farley's statement captured the rationale: "Solana has proven itself as rails for next generation financial infrastructure—fast, efficient, and ready for institutional scale." This endorsement from a NYSE-listed company carries significant weight in validating Solana's positioning as enterprise-grade financial infrastructure.

The IPO Milestone and Beyond

Bullish's summer 2025 IPO on the New York Stock Exchange represented a watershed moment not just for the company but for the broader crypto industry. Taking $1.15 billion of IPO proceeds as stablecoins—predominantly on Solana—demonstrated real-world institutional confidence in blockchain-based financial rails at scale.

Since the IPO, Bullish has continued expanding its institutional offerings. The company secured its BitLicense and launched US operations, while also introducing Bitcoin options trading that has rapidly grown to become one of the top five platforms globally by open interest.

Facts + Figures

• Bullish processed $1.15 billion in IPO proceeds as stablecoins, with the vast majority on the Solana network
• US equity markets (200+ years old) have approximately 80% institutional-driven volume
• Chinese equity markets (90+ years old) have roughly 60% institutional participation
• Crypto markets (10+ years old) were estimated at 95% retail-driven when Lau joined Bullish
• Bullish started as a prototype with approximately 20 people and has grown into one of the world's largest institutional crypto exchanges
• Michael Lau has spent over six years at Bullish after a decade in traditional capital markets
• Bullish's Bitcoin options product ranks among the top five globally by open interest
• Solana Accelerate APAC will be held at Consensus Hong Kong in February 2026
• Bullish obtained its BitLicense and launched US operations following the IPO
• The collaboration between Bullish and Solana Foundation was announced over the summer of 2025

Top Quotes

• "Solana has proven itself as rails for next generation financial infrastructure—fast, efficient, and ready for institutional scale."

• "We actually took $1.15 billion of those proceeds as stablecoins. And what's particularly important for this group over here is that the vast majority of that was done on the Solana network."

• "There are two primary drivers... people realize that there's value in professional risk management. And the second is that our space will be more regulated over time."

• "Those two factors would put us on a path to institutionalization that rhymes with history."

• "Stablecoins was the clear choice for the institutions that rely on performance, liquidity, and capital efficiency."

• "We decided to build Bullish on two pillars. The first was being a counterparty you could trust, but in a language that institutions could understand."

• "I'm bullish. I hope you are too."

Questions Answered

Why did Bullish choose Solana for its stablecoin infrastructure?

Bullish selected Solana because the network is purpose-built for financial primitives with characteristics that institutional clients demand. Specifically, Solana offers high throughput capability, predictable low transaction costs, and the performance metrics that institutions require for custody, transactions, payments, and settlements. When Bullish needed to identify a network for providing faster, cheaper, constantly accessible US dollar formats, Solana's architecture aligned perfectly with institutional requirements for performance, liquidity, and capital efficiency.

How significant was Bullish processing $1.15 billion on Solana?

This represents one of the largest institutional transactions ever processed on the Solana network and serves as concrete proof of the blockchain's enterprise readiness. Rather than simply announcing a partnership, Bullish demonstrated its commitment by routing the vast majority of its own IPO proceeds through Solana-based stablecoins. This real-world application at billion-dollar scale validates Solana's positioning as institutional-grade financial infrastructure and sets a precedent for other large financial entities considering blockchain adoption.

What does institutional adoption mean for crypto markets?

Institutional adoption represents a fundamental maturation of cryptocurrency markets, mirroring the evolution of traditional asset classes over decades and centuries. When Lau joined Bullish, crypto was estimated at 95% retail-driven, compared to 80% institutional in US equities. As institutions bring professional risk management practices and as regulation increases, crypto markets are expected to follow a similar path toward institutional dominance. This shift typically brings greater liquidity, reduced volatility, and more sophisticated financial products.

What is Solana Accelerate APAC at Consensus Hong Kong?

Solana Accelerate APAC is a dedicated Solana-focused event that will be integrated into Consensus Hong Kong in February 2026. This collaboration between the Solana ecosystem and CoinDesk's flagship conference franchise represents a significant opportunity to showcase Solana's technology and community to the broader crypto industry and institutional audiences gathering in Asia. The announcement signals Solana's growing importance in institutional conversations and provides a platform for ecosystem projects to reach new audiences.

How has Bullish grown since its founding?

Bullish has transformed from a 20-person prototype into one of the world's largest institutional cryptocurrency exchanges over approximately six years. Key milestones include successfully listing on the New York Stock Exchange, obtaining a BitLicense for US operations, and launching Bitcoin options trading that now ranks among the top five platforms globally by open interest. The company built its growth strategy around two pillars: establishing trust through robust compliance frameworks that institutions recognize, and solving the liquidity challenges that institutional traders face.