Bullish and Gemini IPO docs use new GAAP rules to boost income
Crypto exchanges Gemini and Bullish recently filed IPO documents, and they weren’t pretty. Despite the market for crypto IPOs being particularly hot in the wake of the blockbuster offering by Circle, these two filings reveal dismal profitability for even major incumbents of the industry. Bullish priced its IPO at $37 per share and it seemed initially like a roaring success. Shares opened for trading above $95 and rallied to $118 within minutes. Unfortunately, every day since its debut has been a disappointment. After a week of sobering decline, Bullish now trades below $64 — about half its peak value on the day of its debut. Undeterred, Gemini filed its S-1 IPO form two days after Bullish started trading. Despite a polished slide deck boasting vanity metrics like $285 billion in lifetime trading volume by 1.5 million lifetime transacting users, the company buried its net income far below its colorful opener. Like Bullish, Gemini utilized newly revised G...