Gemini's revenue grew as crypto trading weakened in the second quarter
The exchange reported a 37% year-over-year revenue increase, but exchange revenue fell 38% and quarterly trading volume dropped to $3.8 billion.
By The Third AnglePublished 4 min read
A generic cryptocurrency mark illustrates Gemini's results as the exchange shifts revenue beyond spot trading. Photo: TempusInfernus / Wikimedia Commons · CC0
Gemini's second-quarter results show a crypto platform trying to grow while its core trading business contracts. In its Aug. 13 release, the company reported $45.5 million in total revenue for the quarter ended June 30, up 37% from a year earlier. The increase came as exchange revenue fell 38% to $12.5 million and total trading volume declined to $3.8 billion from $11.3 billion in the same quarter of 2025.
Services supplied the growth
Gemini said services revenue and interest income rose 117% year over year to $26 million. Credit-card revenue increased 231% to $16.2 million, while staking revenue rose 50% to $4 million. Prediction markets generated $500,000, a small contribution from a product the company launched in December 2025.
The mix matters because transaction revenue still fell 15% to $17.8 million. Over-the-counter revenue rose to $4.7 million from $600,000, which partly offset weaker exchange activity and points to greater institutional concentration in that line. Gemini also said prediction-market volume set a monthly record in each quarter month and that cumulative contracts traded since launch had passed 225 million.
Losses remain the harder number
The revenue increase did not make Gemini profitable. The company reported a net loss of $107.7 million, narrower than the $133.2 million loss in the second quarter of 2025. Operating expenses rose 24% year over year to $122.4 million, although they fell 15% sequentially as restructuring costs and stock-based compensation declined from the first quarter.
Transaction losses rose to $20.1 million from $3.6 million. Gemini attributed most of the increase to a $16.1 million provision for credit losses linked to an identity-fraud event in an earlier credit-card origination cohort. The company said it added fraud-detection and account-monitoring measures, but the release does not provide an independent assessment of the event or a separate measure of losses that may follow.
A broader platform, with a smaller asset base
Monthly transacting users increased 11% to 580,000, while assets on the platform fell to $8.4 billion from $18.2 billion a year earlier. Gemini attributed the asset decline to lower crypto prices and selected institutional custody outflows. Cash and cash equivalents were $188.6 million at quarter-end, down from $252.2 million at the end of 2025.
Gemini must now show that its new lines can grow without masking exchange pressure. The company has added U.S. stock trading, a derivatives clearinghouse and prediction markets alongside custody, staking and a credit card. The results show why investors still have to track trading volume, credit losses, cash and crypto-asset exposure separately.
