【Bullish and Gemini's IPO documents utilize new GAAP rules to boost revenue】Golden Finance reports that cryptocurrency exchanges Gemini and Bullish recently submitted IPO documents, but the results do not look good. Despite the cryptocurrency IPO market being exceptionally hot after Circle's major listing, these two documents reveal that even major companies in the industry are struggling with profitability. In Bullish's recently submitted F-1 document, if it weren't for the new regulations promoted by the cryptocurrency industry's lobbying group — namely, FASB's ASU 2023-08, which allows companies to include profits generated solely from holding digital assets in their income statements — the performance of the past two fiscal years would have been negative. In the first half of 2025, Gemini reported a net loss of $282.5 million, although the company offset greater losses through "realized and unrealized gains on crypto assets and receivables, pledged crypto assets, and crypto assets received as revenue." More specifically, Gemini admitted that its net loss for the first half of 2025 (still a significant negative number) was alleviated by $37.8 million in "realized and unrealized gains on crypto assets and receivables, pledged crypto assets." In the operating performance reports for 2023 and 2024, Gemini also used the same category, reporting $368.1 million and $253.8 million, equivalent to 375% and 341% of each year's revenue, respectively.