TechFlame reports that cryptocurrency exchanges Gemini and Bullish have recently submitted IPO documents, but the results aren't looking good. Although the cryptocurrency IPO market was extremely hot after Circle's big listing, these two documents revealed that the profitability of even the major companies in the industry was very low. In an F-1 filing recently submitted by Bullish, the results for the past two fiscal years would have been negative if they hadn't taken advantage of the new regulations promoted by crypto industry lobbies — the FASB's ASU 2023-08, which allows companies to include earnings from simply holding digital assets into the income statement. 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, secured crypto assets, and crypto assets received as revenue.” More specifically, Gemini acknowledged that its net loss for the first half of 2025 (which is still clearly negative) was mitigated by $37.8 million in “realized and unrealized gains on crypto assets and receivables, pledged crypto assets.” In the 2023 and 2024 business performance reports, Gemini also used the same category, accounting for $368.1 million and $253.8 million, respectively, which is equivalent to 375% and 341% of each year's revenue.