Gemini Q2 Revenue Rises to $45.5M as Card Business Offsets Trading Collapse

Gemini’s second-quarter revenue climbed to $45.5 million, driven by expansion of its credit-card business, even as core exchange revenue fell 38% and spot trading volume plunged 66%, according to the cryptocurrency exchange’s quarterly filing dated August 13, 2026.

Credit-card revenue surged to $16.2 million in Q2, up from $4.9 million in the year-ago period. That $11.3 million increase accounted for most of the $12.2 million rise in total revenue, which stood at $33.3 million in the prior-year quarter. Exchange revenue, by contrast, dropped to $12.5 million from $20.2 million year-over-year, while spot matched trading volume fell to $3.8 billion from $11.3 billion.

The card business carried material costs. Gemini incurred $8.7 million in combined card rewards, promotional incentives, and referral incentives in Q2. Credit losses also weighed on the unit, with the exchange setting aside a $16.1 million provision tied to identity-fraud losses. Total transaction losses reached $20.1 million in Q2, compared with $3.6 million in the year-ago period.

Operating performance deteriorated despite restructuring efforts. Operating loss widened to $76.9 million in Q2 from $65.4 million year-over-year, while adjusted EBITDA loss deepened to $74.0 million from $51.9 million. Adjusted EBITDA deterioration was primarily attributed to market-related losses on bitcoin received through a private placement in May 2026. Total operating expenses reached $122.4 million, up 24% year-over-year, though the exchange achieved a 15% quarter-over-quarter improvement in operating expenses and an 18% quarter-over-quarter improvement in operating loss.

Personnel costs, excluding stock and restructuring charges, fell 20% year-over-year to $27.9 million, reflecting savings from a restructuring plan approved in February 2026 that cut approximately 200 employees, or roughly 25% of the workforce at that time. The restructuring also wound down Gemini’s UK, EU, and other European operations, leaving the exchange active in the US and Singapore.

New revenue streams showed limited impact. Prediction markets, launched in December 2025, generated $524,000 in Q2 revenue. The restructuring produced visible cost progress, according to the filing, but had not materially repaired core exchange performance or year-over-year operating results.