Bullish and Gemini IPO filings leverage new GAAP rules to boost revenue
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最新报道：According to Bijie.com, cryptocurrency exchanges Gemini and Bullish recently filed for IPOs, but the results aren't promising. Despite the incredibly hot cryptocurrency IPO market following Circle's blockbuster IPO, the two filings reveal dismal profitability even for major players in the industry. In Bullish's recently filed F-1, its results for the past two fiscal years would have been negative if it hadn't taken advantage of new regulations pushed by crypto lobbying groups—FASB ASU 2023-08—allowing companies to record gains from simply holding digital assets on their income statements. For the first half of 2025, Gemini reported a net loss of $282.5 million, though the company offset larger losses with "realized and unrealized gains on crypto assets and receivables, crypto assets pledged, and crypto assets received as income." More specifically, Gemini acknowledged that its net loss for the first half of 2025 (still a significant negative figure) was mitigated by $37.8 million in "realized and unrealized gains on crypto assets and receivables, and pledged crypto assets." In its 2023 and 2024 operating results, Gemini used the same category, recording $368.1 million and $253.8 million, respectively, representing 375% and 341% of revenue in those years.
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Overview of important overnight developments on August 22
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