Bullish provides US$100 million GPU loan line for USD.AI

Bullish provides US$100 million in stablecoin debt financing to USD.AI for GPU mortgages

Bullish has provided US$100 million in stablecoin debt financing to USD.AI to fund loans backed by graphics processing units (GPUs) in artificial intelligence infrastructure.

Summary

Bullish will provide US$100 million in stablecoin liquidity for GPU mortgages. USD.AI provides non-recourse financing backed only by computing hardware. Bullish plans to list sUSDai and support its transaction through a market-making plan. Bullish shares have risen about 45% in the past month.

Bullish said in an announcement on Friday that the financing will provide funding for USD.AI to fund operators who purchase high-performance computing equipment, expanding the exchange operator's presence in tokenized assets and artificial intelligence infrastructure.

USD.AI developed by Permian Labs connects stablecoin liquidity to companies seeking funds to buy GPUs. The platform does not assess the borrower's overall business credit, but issues non-recourse loans backed by computing hardware purchased for financing.

Thomas Cowan, head of Bullish's tokenization business, said the company used on-chain records of USD.AI when evaluating the financing. Bullish had invested in the platform before agreeing to provide the new debt financing.

"Our commitment to USD.AI reflects a belief that credible, well-structured real-world assets should be listed-a belief we have believed in since we first invested in the agreement."

Bullish Financing expands USD.AI's GPU lending capabilities

Under the arrangement, USD.AI will use this USD.AI will use this USD100 million financing to issue loans to medium-sized artificial intelligence infrastructure operators. The announcement stated that the ownership of the purchased hardware will be used as collateral, and the loan will not create recourse against the operator's other corporate assets.

This structure separates the loan from the borrower's main balance sheet, but repayments still depend on the revenue generated by the underlying computing equipment and resale value. As new models enter the market, GPUs may depreciate in value, so loan terms, collateral checks and repayment plans become important parts of the financing process.

USD.AI has completed a large transaction involving recent Nvidia hardware. In June, the agreement announced a $98.1 million loan backed by 2304 Nvidia B300 GPUs; at the same time, investors fully subscribed for another $34 million financing backed by 768 Nvidia B200 units.

The two disclosed loans together involve 3072 GPUs, with a total financing of more than US$132 million. The latest Bullish financing provides another source of stablecoin liquidity for USD.AI, allowing it to increase lending to operators building data centers and artificial intelligence computing clusters.

David Choi, CEO of Permian Labs, said the demand for computing equipment has spawned a unique loan category.

"Computing is becoming an independent credit market," Choi said, adding that Bullish's financing will allow USD.AI to fund more infrastructure and develop trading markets for computation-backed debt.

According to USD.AI, its financing is settled on-chain, providing capital providers with access to loans backed by income-generating computing equipment. The company describes the financing as non-dilutive because operators do not have to give up ownership shares when borrowing.

sUSDai's listing will create a secondary trading market

In addition to loan financing, Bullish also plans to introduce multiple trading pairs for sUSDai on its institutional exchange. According to the two companies, once the transaction begins, a dedicated market-making plan will provide orders for the token.

USD.AI uses sUSDai as its revenue token, allowing holders to receive the returns generated by the agreement's credit business. Listing the asset would allow the holder to trade the position rather than just relying on the repayment period of the underlying loan.

Bullish expects the plan to improve secondary liquidity and price discovery for GPU-backed debt. The companies did not disclose planned trading pairs, launch dates or market-making budgets in Friday's announcements.

Meanwhile, Bullish and USD.AI are expanding a research project focusing on ways to finance capital expenditures in the field of artificial intelligence. The announcement stated that this work will combine Bullish's experience in institutional market operations with the USD.AI loan structure.

Tokenized exposure to computing hardware has emerged elsewhere in the cryptocurrency market. In August 2025, Aggressive launched a Nvidia GPU derivatives market that allows traders to gain exposure to the lease price of Nvidia H100 processors. Aethir and Injective also launched a tokenized GPU market in December 2024 that leverages blockchain-based products to provide access to computing power. Unlike these trading and leasing products, the USD.AI model focuses on issuing mortgages to infrastructure operators.

Bullish deepens its existing relationship with USD.AI

This US$100 million financing comes after Bullish Capital invested US$4 million in USD.AI in September 2025. Cowan said on-chain transparency allows Bullish to review the agreement using institutional underwriting standards applied elsewhere in its business.

Bullish provides spot and derivatives markets for professional investors and provides liquidity support for new financing.

In Europe, Bullish operates under the framework of the European Union's Crypto Asset Markets Act and serves as an authorized crypto asset service provider providing spot trading and custody services. Its U.S. business expanded after receiving the New York BitLicense in September 2025, when Bullish's share price was reported to have risen nearly 6% after approval.

The license allows Bullish to serve qualified customers in New York and was obtained about a month after its public listing. State regulatory approval increased the company's U.S. business, but Friday's announcement did not say whether sUSDai would be available to U.S. customers or describe any access restrictions.

Bullish shares rebound after falling sharply after listing

For U.S. investors, the deal adds artificial intelligence infrastructure loans to business related to Bullish shares listed on the New York Stock Exchange (symbol BLSH). Any financial impact will depend on financing terms, loan performance and contribution to Bullish's results, which none of the companies disclosed.

Bullish made its debut on the New York Stock Exchange in August 2025 with an offering price of US$37. The offering raised approximately $1.03 billion, while the stock opened at $90 on its first trading day.

Previous reports on Bullish's public offering stated that the company entered the market at a valuation of approximately US$5.4 billion, with an offering price higher than its original range. Funds managed by BlackRock and accounts linked to ARK Investment Management have expressed interest in buying up to $200 million in stocks.

Despite the recent rebound, BLSH shares are still down more than 60% from their opening price of $90, according to Yahoo Financial data. The stock was trading at about $33 on Friday, after rising about 45% in a month.

During the same period, other U.S. traded cryptocurrency companies also rose. Bitcoin treasury company Strive rose about 88%, bitcoin miner Canaan rose about 55%, and USDC issuer Circle rose nearly 40%.