Gemini Space Station, Inc. reported a 42% year-over-year increase in total revenue for the first quarter of 2026, as the company deepened its transition beyond a crypto exchange into a broader financial services platform. The company disclosed $50.3 million in revenue for the quarter ended March 31, according to its May 14 earnings release.
The growth came from services, interest income, and over-the-counter activity. Transaction revenue stayed nearly unchanged at $24.1 million, which shows stable user activity despite shifting market conditions. At the same time, exchange revenue fell 27% to $17.2 million. Gemini linked the drop to lower spot trading activity and reduced crypto market volumes. Total trading volume declined to $6.3 billion from $13.5 billion in the same quarter last year.
The figures reflect a structural change inside the company. Gemini no longer relies on trading fees as its primary engine. New segments now carry a larger share of revenue.
Our Q1 earnings are now live, including the news that we have received a $100 million strategic investment from @winklevosscap helping to fuel our growth from a crypto company into a markets company.
— Gemini (@Gemini) May 14, 2026
Our total revenue in Q1 2026 grew 42% YoY to $50 million, while transaction… pic.twitter.com/hPQGwwzRfw
Credit card and services drive expansion
The strongest growth came from the company’s credit card business. Revenue from this segment rose nearly 300% year over year to $14.7 million. Gemini reported about 13,100 new credit card sign-ups during the quarter, more than double the number recorded a year earlier. Over the past four quarters, cumulative new cardholders reached approximately 123,700.
Managed card receivables also expanded, rising from $69 million to $217 million over the same period. The increase highlights the company’s push into consumer finance, a strategy that began several years ago and now forms a central part of its revenue base.
Services revenue and interest income increased 122% year over year to $24.5 million. This segment now accounts for 49% of total revenue, compared with 31% in Q1 2025. The shift indicates that products such as credit cards, custody, advisory services, and interest-bearing balances now rival trading activity in importance.
“As Gemini continues to evolve, we expect that the momentum we have built in diversifying our revenue will only accelerate,” said Cameron Winklevoss, president of Gemini.
Strategic investment adds capital and signals confidence
On May 14, Gemini confirmed it had closed a $100 million private placement with Winklevoss Capital Fund. The investment came at $14 per share and was funded in bitcoin. The deal added liquidity to the company’s balance sheet and supports product development and strategic initiatives.
“We believe the market has significantly undervalued Gemini, and that this investment will allow us to set up the company for its next phase of growth,” said Tyler Winklevoss, CEO of Gemini. “Gemini has achieved several major product and regulatory milestones that position us well to evolve from a crypto company into a markets company.”
The company framed the investment as a step toward long-term expansion. It also underlined internal confidence at a time when its public market performance has faced pressure.
Costs rise alongside expansion efforts
Revenue growth did not offset rising expenses. Total operating costs increased 73% year over year to $144.5 million. Gemini attributed the increase to compensation, marketing, and credit card-related expenses tied to its broader expansion.
Salaries and compensation reached $65.4 million. The company noted that stock-based compensation and severance related to workforce reductions affected the total. Sales and marketing expenses rose 111% to $19.1 million. Credit card rewards and incentives accounted for a large share of that increase.
Transaction losses reached $11.1 million. The company recorded provisions for credit losses and fraud reserves linked to the growing credit card portfolio. Technology expenses also increased, reaching $22.1 million, as Gemini invested in infrastructure for new products.
Despite higher costs, net loss improved to $109 million, compared with $149.3 million in the same quarter last year. Adjusted EBITDA showed a loss of $59.9 million, a modest improvement from $61.6 million in Q1 2025.
Regulatory progress supports market expansion
Gemini reported progress on its regulated market strategy. In April 2026, its Olympus unit received a Derivatives Clearing Organization license from the U.S. Commodity Futures Trading Commission. The approval allows Gemini to handle clearing functions in-house, including settlement, collateral management, and risk controls.
The license followed an earlier Designated Contract Market approval for Gemini Titan. Together, these approvals create a foundation for a full-stack marketplace that includes futures, options, and prediction markets.
The company stated that this structure reduces reliance on third-party clearinghouses and allows faster responses to market opportunities. It also supports plans to expand derivatives offerings in the United States when regulations permit.
Prediction markets and new products gain traction
Gemini’s prediction markets product completed its first full quarter of contribution in Q1 2026, generating $0.4 million in revenue. Since its launch in December 2025, more than 20,000 users have traded on the platform. The company reported over 100 million contracts traded.
In April, Gemini introduced Agentic Trading, a tool that allows AI agents such as Claude and ChatGPT to connect directly to its API. The system enables automated trading, market monitoring, and risk management through pre-built functions.
The product reflects a broader push toward automation and advanced trading infrastructure. Gemini positioned the tool as accessible to both beginners and experienced traders.
Market context and recent challenges
The earnings report follows a period of pressure for Gemini’s public market narrative. Earlier coverage from crypto.news highlighted shareholder lawsuits that questioned the company’s strategy after its public listing. The filings alleged that investors received misleading information about the company’s direction, particularly its move toward prediction markets.
The company also faced layoffs and executive departures, which reshaped its cost structure. The latest results show early signs of stabilization, with improved losses and stronger revenue diversification.
Assets on the platform stood at $11.1 billion at the end of March, down from $14.2 billion a year earlier. Gemini attributed the decline to lower crypto asset valuations compared with elevated levels in the prior year.
Monthly transacting users reached 589,000, up 17% year over year. The increase suggests continued user engagement despite lower trading volumes.
Outlook centers on diversification
Gemini’s latest results present a company in transition. Trading activity no longer defines its performance. Revenue now depends on services, credit products, and regulated market infrastructure.
The company stated that its recent milestones position it to build a full-stack, end-to-end marketplace for crypto trading, predictions, futures, options, and more. The coming quarters will test whether that model can deliver sustained profitability alongside growth.
Kristian Koch
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