Cryptocurrency exchange and financial services firm Gemini reported a 42% year-over-year increase in Q1 2026 revenue, reaching $50.3 million. The growth was driven by a nearly 300% surge in credit card revenue, now accounting for nearly half of total income, while core crypto exchange revenue fell 27%. The company also disclosed a $100 million strategic investment from Winklevoss Capital funded in Bitcoin and an increased adjusted EBITDA loss amid rising operating expenses.
Gemini‘s total revenue grew 42% year-over-year to $50.3 million in the first quarter of 2026. Transaction revenue remained stable at $24 million as reported by the company.
Exchange revenue decreased 27% to $17.2 million, reflecting lower spot trading activity. Total trading volume declined to $6.3 billion from $13.5 billion in Q1 2025.
Credit card revenue surged nearly 300% to $14.7 million, driven by significant user base growth. Services and interest income now make up almost half of total revenue.
“As Gemini continues to evolve, we expect that the momentum we have built in diversifying our revenue will only accelerate,” said Gemini president Cameron Winklevoss. Other exchanges like Coinbase and Kraken are also expanding beyond digital assets.
Total operating expenses increased 73% to $144.5 million, driven by compensation and marketing costs. The company reported an adjusted EBITDA loss of just under $60 million.
Gemini also closed a $100 million strategic investment from Winklevoss Capital in exchange for common stock. The investment was funded in Bitcoin.
The company recently received a Derivatives Clearing Organization license from the CFTC. This moves it toward becoming a full-stack marketplace for crypto trading and derivatives.
Gemini’s stock gained 6.9% on Thursday to reach $4.92 in after-hours trading. It remains down 47% year-to-date, according to Google Finance.
