Bullish backs USD.AI with $100M in GPU-backed loan financing

Bullish, the institutionally focused digital asset exchange that trades on the NYSE under ticker BLSH, is deepening its relationship with USD.AI through $100 million in financing designed to fuel a lending model that sounds almost too 2025 to be real: loans backed by graphics processing units. The commitment builds on Bullish’s earlier $4 million equity investment in USD.AI, which marked the exchange’s first post-IPO investment when it was announced in September 2025. Through its Bullish Capital arm, the exchange isn’t just writing checks. It’s providing operational liquidity and strategic support, even referencing the partnership during earnings calls. How GPU-backed lending actually works The loans are structured as non-recourse, meaning if a borrower defaults, the lender can seize the GPU collateral but can’t pursue the borrower’s other assets. They’re organized through special purpose vehicles and secured by senior liens on the hardware, with amortizing terms of three years. USD.AI keeps things relatively conservative with loan-to-value ratios generally capped at 80%. Fixed interest rates range between 7% and 15%, depending on the quality of the offtake agreements. The protocol...