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BTC Institutional crypto exchange operator Bullish has provided USD.AI with a $100 million stableco-based debt financing line to fund loans backed by GPU infrastructure, the two companies announced on Friday.
USD.AI will use this amount to provide loans to AI infrastructure operators backed by underlying GPU hardware rather than the borrower's broader corporate assets.
USD.AI is an on-chain financing platform developed by Permian Labs that provides financing supported by AI computing hardware, connecting stablecoin liquidity to GPU infrastructure financing needs.
Bullish said it plans to list USD.AI's sUSDai token in multiple trading pairs and provide it with a dedicated market-making plan, which is expected to improve secondary liquidity and price discovery for GPU-backed debt.
This financing line further expands USD.AI's growing GPU financing business. In June, the company announced a $98.1 million loan backed by 2304 Nvidia B300 GPUs, while another $34 million loan backed by 768 Nvidia B200 GPUs has been fully funded.
The transaction is also based on Bullish Capital's investment of US$4 million in USD.AI in September 2025.
Bullish will be listed on the New York Stock Exchange in August 2025, with an initial public offering priced at US$37 per share and raising approximately US$1.03 billion. The stock opened at $90 on its first day of trading.
According to data, the company's share price is still down more than 60% from the first day of listing. However, the stock has rebounded recently, rising about 45% in the past month, and trading at around $33 on Friday.
Bullish's recent gains come as other cryptocurrency-related stocks rise as the digital asset market recovers. In the past month, bitcoin reserve company Strive has gained about 88%, bitcoin miner Canaan has gained about 55%, and stablecoin issuer Circle has gained nearly 40%.
