Gemini reported a 42% revenue increase to $50.3 million in Q1 2026 despite falling crypto exchange trading volumes. The growth was driven by a nearly 300% surge in credit card revenue and expansion into derivatives and financial services. The company’s operating expenses also rose significantly, resulting in an adjusted EBITDA loss.
Gemini recorded revenues totaling $50.3 million for the first quarter of 2026. This reflected 42% growth compared to the same period last year amid declining trading volumes on crypto exchanges.
Trading volumes on Gemini dropped from $13.5 billion in Q1 2025 to $6.3 billion in the most recent quarter. Income from transactions was stagnant at $24 million, while crypto exchanges saw their income fall by 27% year-on-year to $17.2 million.
The firm’s credit card business was a major contributor, with its revenue growing almost 300% to $14.7 million. Gemini President Cameron Winklevoss stated that the company expects the momentum from its diversified business strategy to continue growing in future quarters.
Operating expenditures grew by 73%, reaching $144.5 million for the quarter. Because of increased expenses, the adjusted EBITDA loss was reported at about $60 million.
In April 2026, Gemini was licensed by the Commodity Futures Trading Commission as a Derivatives Clearing Organization. The firm claims this new license represents progress toward its goal of becoming a complete financial market platform.
Following the earnings announcement, shares of Gemini gained 6.9% in the extended session and closed at $4.92. The stock is down 47% year to date, according to Google Finance.
