Cryptocurrency exchanges Gemini and Bullish recently filed IPO filings, but the results were not good. Although the market for cryptocurrency IPOs has been extremely hot after Circle's blockbuster listing, the two filings reveal that even the major companies in the industry are not profitable.
In Bullish's recent F-1 filing, its results for the past two fiscal years would have been negative had it not taken advantage of new rules pushed by the crypto lobby group - the FASB's ASU 2023-08, which allows companies to include gains from simply holding digital assets in their income statements.
Gemini reported a net loss of $282.50 million for the first half of 2025, although the company offset the larger loss by "realized and unrealized gains on crypto assets and receivables, collateralized crypto assets, and crypto assets received as revenue." More specifically, Gemini acknowledged that its net loss for the first half of 2025, which remains significantly negative, was mitigated by a $37.80 million "realized and unrealized gains on crypto assets and receivables, collateralized crypto assets."
Gemini also used the same category in its 2023 and 2024 operating results reports, accounting for $368.10 million and $253.80 million, respectively, representing 375% and 341% of revenue for each year.
Bullish and Gemini IPO filings take advantage of new GAAP rules to boost revenue
2025-08-22 01:18:51
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