Gemini Q2: Revenue Rises as Trading Volume Plunges

Gemini filed second-quarter results on Aug. 13 showing total revenue of $45.5 million, up from $33.3 million a year earlier. Credit-card revenue rose to $16.2 million from $4.9 million. Exchange revenue declined 38% to $12.5 million from $20.2 million. Spot matched trading volume on the platform fell about 66% to $3.8 billion from $11.3 billion.

The filing disclosed card-related costs of $8.7 million in combined card rewards and promotional and referral incentives, and a $16.1 million credit-loss provision tied to an identified identity-fraud cohort. Total transaction losses across the company rose to $20.1 million from $3.6 million. The company did not include a full profit-and-loss statement for the card business, so card margins could not be calculated from the filing.

In February the company approved a restructuring that closed operations in the U.K., the European Union, other European jurisdictions and Australia, affecting up to 200 employees, about 25% of the workforce at the time, while preserving operations in the U.S. and Singapore. Employee compensation, benefits and personnel costs, excluding stock compensation and restructuring, fell 20% year over year to $27.9 million. Compared with the first quarter, operating expenses improved about 15% and operating loss improved about 18%.

On a year-over-year basis total operating expenses rose 24% to $122.4 million, and operating loss widened to $76.9 million from $65.4 million. On a GAAP basis net loss narrowed to $107.7 million from $133.2 million. Adjusted EBITDA loss widened to $74.0 million from $51.9 million.

Gemini attributed the wider adjusted EBITDA loss largely to market-related losses on bitcoin it received through a May private placement. The company’s reconciliation showed no restructuring charge in the quarter.

Prediction markets, launched in December 2025, contributed $524,000 during the quarter. The filing said that amount was small relative to overall results.

The filing shows revenue from newer products rose while core exchange trading volume declined and operating metrics remained weaker year over year in the quarter.