Bullish and Gemini's IPO documents leverage the new GAAP rules to enhance revenue.

Golden Finance reported that the crypto asset exchange Gemini and Bullish recently submitted IPO documents, but the results are not looking good. Despite the crypto asset IPO market being exceptionally hot after Circle's significant listing, these two documents reveal that even major companies in the industry have very low profitability. In the recent F-1 filing submitted by Bullish, if it wasn't for the new regulations promoted by lobby groups in the encryption industry — namely FASB's ASU 2023-08, which allows companies to include earnings generated solely from holding digital assets in their income statements, then its performance over the past two fiscal years should have been negative. In the first half of 2025, Gemini reported a net loss of $282.5 million, although the company offset larger losses through "realized and unrealized gains from Crypto Assets and receivables, pledged Crypto Assets, and Crypto Assets received as revenue." More specifically, Gemini acknowledged that its net loss for the first half of 2025 (still a significant negative number) was alleviated by $37.8 million from "realized and unrealized gains from Crypto Assets and receivables, pledged Crypto Assets." In the operating performance reports for 2023 and 2024, Gemini also used the same category, accounting for $368.1 million and $253.8 million respectively, which corresponds to 375% and 341% of the annual revenue.