Gemini posts $108M Q2 net loss despite 37% revenue growth
Summary
Gemini’s second-quarter revenue rose 37% year over year to $45.5 million, but the company posted a $107.7 million net loss as exchange trading softened. Exchange revenue fell 38% to $12.5 million because trading volume dropped to $3.8 billion from $11.3 billion. Services revenue jumped 149% to $23.5 million, driven mainly by a 231% increase in credit card revenue and a 50% rise in staking revenue; including interest income, that segment totaled $26 million. Transaction losses increased to $20.1 million, largely from a $16.1 million credit-loss provision tied to identity fraud in the credit card portfolio. Operating expenses rose 24% year over year to $122.4 million, though they were down 15% from the prior quarter due to cost cuts.
