Gemini’s $50M quarter shows why it is moving beyond crypto trading

Gemini reported $50.3 million in total revenue for the first quarter of 2026, up 42% from a year earlier. 

The company said the increase came from services, interest income and over-the-counter activity, while transaction revenue stayed almost flat at $24.1 million.

The results show how Gemini is moving beyond its original crypto exchange model. Exchange revenue fell 27% to $17.2 million as spot trading slowed. Total trading volume dropped to $6.3 billion from $13.5 billion in the same quarter last year.

Credit card revenue leads growth

The largest gain came from Gemini’s credit card business. Credit card revenue rose nearly 300% year over year to $14.7 million. Gemini said the increase came from user growth, with about 13,100 new card sign-ups in Q1 and 123,700 cumulative new cardholders over the past four quarters.

Services revenue and interest income rose 122% to $24.5 million. That segment now accounts for 49% of total revenue, compared with 31% in Q1 2025. The shift shows that credit cards, interest income, custody and advisory services are now a larger part of Gemini’s business mix.

Gemini president Cameron Winklevoss said “the momentum we have built in diversifying our revenue will only accelerate.” The comment came as the company closed a $100 million private placement from Winklevoss Capital, funded in Bitcoin.

Costs remain high despite revenue growth

Gemini’s revenue rose, but costs also increased. Total operating expenses climbed 73% year over year to $144.5 million. The company linked the increase to compensation, marketing and credit card-related costs tied to its wider business expansion.

The company posted a net loss of $109 million, improved from a $149.3 million loss a year earlier. Adjusted EBITDA came in at a loss of $59.9 million, only slightly better than the $61.6 million loss reported in Q1 2025.

Gemini pushes into regulated markets

Gemini also reported 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.

The license 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.

Meanwhile, the growth update comes after a difficult period for Gemini’s public-market story. Earlier reporting from crypto.news said shareholders sued Gemini, claiming its IPO filings misled investors about its business strategy and later pivot toward prediction markets.

That case followed layoffs, executive exits and a stock decline after the company’s public listing. Gemini’s Q1 numbers now give investors a clearer picture of the new model: higher revenue from services and credit cards, weaker exchange trading, and continued losses as the company builds a broader financial marketplace.