**[Bullish and Gemini's IPO Filings Leverage New GAAP Rules to Boost Revenue]** According to a report by Jinse Finance, cryptocurrency exchanges Gemini and Bullish recently submitted IPO filings, but the results are not promising. Despite the cryptocurrency IPO market being exceptionally hot following Circle's high-profile listing, these two filings reveal that even major companies in the industry struggle with profitability. In Bullish's recently submitted F-1 filing, if not for the new rules pushed by cryptocurrency industry lobbying groups—namely FASB's ASU 2023-08, which allows companies to include gains from merely holding digital assets in their income statements—their performance over 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 larger losses through "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 (still a significant negative figure) was reduced by $37.8 million in "realized and unrealized gains on crypto assets and receivables, collateralized crypto assets." In its 2023 and 2024 operating performance reports, Gemini also used the same category, recording $368.1 million and $253.8 million, respectively, which accounted for 375% and 341% of annual revenue for those years.