Gemini’s Q1: $50M in revenue, but the business is clearly moving beyond spot trading Gemini reported $50.3 million in revenue for Q1 2026 — up 42% year‑over‑year — but the source of that growth underscores a strategic shift away from its original crypto-exchange model. What moved the needle - Total revenue: $50.3M, +42% YoY - Transaction revenue: roughly flat at $24.1M - Exchange (spot) revenue: $17.2M, down 27% as spot trading cooled - Total trading volume: $6.3B vs $13.5B in Q1 2025 Where growth came from - Credit card business: revenue jumped nearly 300% YoY to $14.7M. Gemini said this was driven by user expansion — about 13,100 new card sign-ups in Q1 and roughly 123,700 cumulative new cardholders over the last four quarters. - Services and interest income: up 122% to $24.5M, now representing 49% of total revenue (vs 31% in Q1 2025). This includes credit card income, interest, custody and advisory services. Costs and profitability - Operating expenses: $144.5M, up 73% YoY, attributed to higher compensation, marketing and credit-card related costs tied to the company’s expansion. - Net loss: $109M, an improvement from a $149.3M loss a year earlier. - Adjusted EBITDA: loss of $59.9M, slightly better than the $61.6M loss in Q1 2025. Regulatory and product progress Gemini is also advancing regulated market infrastructure. Its Olympus unit received a Derivatives Clearing Organization (DCO) license from the CFTC in April, enabling in‑house clearing for futures, options, perpetual contracts and prediction markets. That follows December 2025 approval of Gemini Titan as a Designated Contract Market. Gemini says its prediction-markets product has traded more than 100 million contracts across over 20,000 traders since launching in December. Leadership and funding President Cameron Winklevoss framed the results as evidence the firm’s revenue diversification is gaining momentum. The update coincided with a $100 million private placement from Winklevoss Capital, funded in Bitcoin. Remaining headwinds The numbers arrive after a rocky public-market period: layoffs, executive departures, a post‑IPO stock slide and a shareholder lawsuit alleging IPO filings misled investors about Gemini’s strategy pivot toward prediction markets. Investors now have a clearer picture of the new model: rising revenue from services and credit cards, weaker exchange trading, and ongoing losses as Gemini builds a broader financial marketplace. Bottom line Q1 shows Gemini transitioning from a pure crypto exchange into a multi-product financial marketplace, powered by cards, services and new regulated trading infrastructure — but growth is coming with higher costs and continued negative EBITDA as the company scales.
Gemini Q1 2026 Revenue Hits $50M as Spot Trading Declines
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Summary
Gemini Q1 2026 revenue hit $50.3 million, a 42% rise year-over-year. Spot trading revenue fell 27% to $17.2 million, while the credit card business surged nearly 300% to $14.7 million and services revenue jumped 122% to $24.5 million. Trading volume dipped in spot markets but picked up in prediction markets, with over 100 million contracts traded. Operating expenses rose 73% to $144.5 million, leading to a $109 million net loss, an improvement from $149.3 million a year earlier. Gemini received a DCO license from the CFTC in April, and altcoins to watch are gaining traction in its expanding product suite.
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