Gemini revenue falls 19% to $40.9M as crypto trading volume plunges

Gemini Space Station reported third quarter revenue of $40.9 million, down 19% from $50.6 million a year earlier, as declining crypto trading activity weighed on the company’s exchange business.

The Nasdaq listed crypto exchange, founded by Cameron and Tyler Winklevoss, recorded a net loss of $58.6 million, narrowing from $159.5 million in the same period last year.

Total trading volume fell to $4.5 billion from $16.4 billion a year earlier, reflecting weaker retail participation in crypto markets. Exchange revenue declined 47% as lower retail trading fees offset increased institutional activity.

Despite the decline, spot trading volume increased 18% from the previous quarter, supported by institutional activity involving Zcash.

Gemini reduced operating expenses by 30% from a year earlier to $119.9 million, marking its third consecutive quarterly decline in spending. The company attributed the reductions primarily to lower marketing expenses and employee compensation.

The exchange has been implementing cost reductions throughout 2026, including workforce reductions and exits from several international markets, while expanding its business beyond crypto trading.

Its credit card division continued growing, with revenue increasing 82% from a year earlier. However, credit card chargeoffs rose to $11.5 million from $3.4 million, partly due to a previously disclosed fraud incident.

Managed credit card receivables reached $202.2 million, while the delinquency rate for accounts overdue by at least 30 days, excluding fraud, increased to 3.4% from 3.3%.

Gemini has also expanded into stock trading and prediction markets as part of its strategy to diversify revenue beyond crypto transaction fees.

The company is scheduled to discuss its quarterly financial results during an earnings conference call on Friday, November 13.