Gemini reported $50.3 million in total revenue for the first quarter of 2026, up 42% from a year earlier. The gain did not come from stronger spot trading. It came from credit cards, services, interest income and over-the-counter activity, while transaction revenue was almost unchanged at $24.1 million. Exchange revenue fell to $17.2 million, down 27% year over year, showing how the company’s business mix is shifting away from its original crypto trading base.
Credit card revenue became the biggest growth driver
The clearest source of growth was Gemini’s credit card business. Revenue from that segment rose nearly 300% from a year earlier to $14.7 million. The company said the increase was tied to user growth, with about 13,100 new card sign-ups during the quarter and 123,700 cumulative new cardholders added over the past four quarters. In one quarter, the card business moved into the center of Gemini’s revenue story.
Services revenue and interest income also climbed sharply, rising 122% to $24.5 million. That segment accounted for 49% of total revenue, up from 31% in the first quarter of 2025. The mix now leans more heavily on credit cards, interest income, custody and advisory services. Gemini president Cameron Winklevoss said the momentum behind the company’s revenue diversification would accelerate. The comment came as Gemini closed a $100 million private placement from Winklevoss Capital, funded in Bitcoin.
Trading volume dropped as exchange revenue weakened
The exchange business moved in the opposite direction. Gemini said total trading volume fell to $6.3 billion from $13.5 billion in the same quarter last year, a steep decline that weighed on exchange revenue as spot trading slowed. Transaction revenue staying roughly flat suggests the company still had support from other trading-related activity, but the traditional exchange business was no longer carrying growth.
The quarter makes that shift hard to miss. Gemini is relying less on pure crypto trading revenue and more on financial services, interest-bearing income and OTC activity. Revenue sources are broader now, even as the core exchange engine has cooled.
Losses narrowed, but operating costs remained elevated
Higher revenue did not solve the cost problem. Total operating expenses rose 73% year over year to $144.5 million. Gemini linked the increase to compensation, marketing and credit card-related costs tied to the broader expansion of its business.
The company posted a net loss of $109 million, improved from a $149.3 million loss a year earlier. Adjusted EBITDA was a loss of $59.9 million, only slightly better than the $61.6 million loss recorded in the first quarter of 2025. The new revenue mix is gaining weight, but it still is not enough to cover the cost of expansion.
CFTC clearing license supports a wider regulated product push
Gemini also highlighted progress in regulated market products. Its Olympus unit received a Derivatives Clearing Organization license from the CFTC in April, giving the company in-house clearing infrastructure for futures, options, perpetual contracts and prediction markets.
That followed a December 2025 Designated Contract Market approval for Gemini Titan. In its latest update, Gemini said its prediction markets product has passed 100 million contracts traded across more than 20,000 traders since launching in December 2025. The data points to a broader effort: not just adding revenue streams, but building regulated market infrastructure around a larger trading and financial marketplace.
A clearer view of Gemini’s post-listing business model
The quarter arrived after a difficult stretch in Gemini’s public-market story. Earlier reporting by crypto.news said shareholders sued the company, claiming its IPO filings misled investors about its business strategy and its later turn toward prediction markets. That came after layoffs, executive departures and a stock decline following the public listing.
These Q1 results give investors a sharper picture of what Gemini is becoming: higher revenue from services and credit cards, weaker exchange trading, and continuing losses while the company builds a broader financial platform.