Gemini stock falls over 6% after earnings as exchange revenue drops 38%

Gemini stock falls over 6% after earnings as exchange revenue drops 38%

The Winklevoss twins' crypto platform is losing money more slowly, but its exchange revenue and assets under custody are shrinking fast

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By Editorial Team
Edited by Estefano Gomez

Gemini shares fell more than 6% in after hours trading Thursday after the crypto exchange reported a $107.7 million net loss for the second quarter.

Total revenue increased 37% from a year earlier to $45.5 million, helped by growth outside the company’s core exchange business. Services revenue jumped 149% to $23.5 million.

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Crypto trading remained under pressure. Exchange revenue fell 38% to $12.5 million as trading volume dropped to $3.8 billion from $11.3 billion a year earlier. Transaction revenue declined 15% to $17.8 million.

Credit card revenue increased 231% to $16.2 million, while staking revenue rose 50% to $4 million. Gemini also generated $500,000 from its growing prediction markets business.

The company recorded a $107.7 million net loss, down from $133.2 million a year earlier. Operating expenses reached $122.4 million, while adjusted EBITDA came in at negative $74 million.

Gemini also recorded a $16.1 million provision for credit losses related to an identity fraud incident affecting part of its credit card portfolio. The company said it has introduced additional fraud detection and account monitoring measures.

The earnings reaction adds to a steep decline since Gemini went public in September 2025. The stock reached an intraday high of $45.89 during its Nasdaq debut and was trading at $4.30 on Thursday, leaving shares more than 90% below that peak.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
FINANCE
Gemini stock falls over 6% after earnings as exchange revenue drops 38%
Gemini stock falls over 6% after earnings as exchange revenue drops 38%

The Winklevoss twins' crypto platform is losing money more slowly, but its exchange revenue and assets under custody are shrinking fast

By Editorial Team
Edited by Estefano Gomez

Share

Add us on Google

Gemini shares fell more than 6% in after hours trading Thursday after the crypto exchange reported a $107.7 million net loss for the second quarter.

Total revenue increased 37% from a year earlier to $45.5 million, helped by growth outside the company’s core exchange business. Services revenue jumped 149% to $23.5 million.

Advertisement

Crypto trading remained under pressure. Exchange revenue fell 38% to $12.5 million as trading volume dropped to $3.8 billion from $11.3 billion a year earlier. Transaction revenue declined 15% to $17.8 million.

Credit card revenue increased 231% to $16.2 million, while staking revenue rose 50% to $4 million. Gemini also generated $500,000 from its growing prediction markets business.

The company recorded a $107.7 million net loss, down from $133.2 million a year earlier. Operating expenses reached $122.4 million, while adjusted EBITDA came in at negative $74 million.

Gemini also recorded a $16.1 million provision for credit losses related to an identity fraud incident affecting part of its credit card portfolio. The company said it has introduced additional fraud detection and account monitoring measures.

The earnings reaction adds to a steep decline since Gemini went public in September 2025. The stock reached an intraday high of $45.89 during its Nasdaq debut and was trading at $4.30 on Thursday, leaving shares more than 90% below that peak.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.