Latest Gemini earnings expose crypto’s new exchange reality – more total revenue, less crypto trading
Gemini’s Q2 revenue rose to $45.5 million from $33.3 million, driven mainly by credit-card revenue, which increased to $16.2 million from $4.9 million. The core exchange weakened: exchange revenue fell 38% to $12.5 million, and spot matched trading volume dropped about 66% to $3.8 billion. A February restructuring cut about 200 jobs and scaled back operations in the UK, EU, other European jurisdictions, and Australia, while keeping the US and Singapore. Some costs improved, with personnel expense down 20% year over year and operating expenses down about 15% versus Q1, but full-year comparisons remained worse: operating expenses rose 24% to $122.4 million and operating loss widened to $76.9 million. GAAP net loss improved to $107.7 million from $133.2 million, but adjusted EBITDA loss widened to $74.0 million, helped by market-related bitcoin losses. New revenue sources also carried meaningful costs, including incentives, credit losses, and higher transaction losses.
