Gemini reported second-quarter revenue of $45.5 million, up from $33.3 million a year earlier, even as its core exchange business kept shrinking. The growth came from its credit card and prediction markets, while spot matched trading volume on the platform fell to $3.8 billion from $11.3 billion — a drop of about 66%.
Credit card carries the quarter
Credit-card revenue rose to $16.2 million from $4.9 million, driving most of the $12.2 million increase in total revenue. Gemini also disclosed $8.7 million in combined card rewards and promotional and referral incentives. The card business is now the company's largest revenue line, ahead of exchange fees.
Prediction markets, which launched in December 2025, contributed $524,000 during the quarter. That's small, but it's a new stream that didn't exist a year ago.
Exchange business shrinks
Exchange revenue fell 38% to $12.5 million from $20.2 million. The drop tracks the slide in trading volume, which has been under pressure across the industry. Gemini's spot matched volume of $3.8 billion is a fraction of what it was in the same period last year.
The company also took a $16.1 million credit-loss provision tied to an identified identity-fraud cohort. Total transaction losses across Gemini climbed to $20.1 million from $3.6 million.
Restructuring and cost cuts
Gemini approved a restructuring in February, winding down operations in the UK, EU, other European jurisdictions, and Australia. That affects up to 200 employees, about 25% of the workforce. Employee compensation, benefits, and personnel costs — excluding stock compensation and restructuring — fell 20% year-over-year to $27.9 million.
Operating expenses improved about 15% quarter-over-quarter, and the operating loss improved about 18% quarter-over-quarter. But total operating expenses still rose 24% to $122.4 million, and the operating loss widened to $76.9 million from $65.4 million.
Losses and the bitcoin hit
GAAP net loss narrowed to $107.7 million from $133.2 million. Adjusted EBITDA loss, however, widened to $74.0 million from $51.9 million. Gemini attributed the wider adjusted loss primarily to market-related losses on bitcoin received through a May private placement.
The company's next quarterly report will show whether the credit card momentum holds and whether the restructuring starts to move the bottom line in the right direction.
