{"id":554809,"date":"2026-08-14T17:10:27","date_gmt":"2026-08-14T16:10:27","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=554809"},"modified":"2026-08-14T11:22:00","modified_gmt":"2026-08-14T10:22:00","slug":"latest-gemini-earnings-expose-cryptos-new-exchange-reality-more-total-revenue-less-crypto-trading","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/latest-gemini-earnings-expose-cryptos-new-exchange-reality-more-total-revenue-less-crypto-trading\/","title":{"rendered":"Latest Gemini earnings expose crypto\u2019s new exchange reality &#8211; more total revenue, less crypto trading"},"content":{"rendered":"<p>Gemini\u2019s second-quarter revenue rose as its credit-card business expanded. But the core exchange shrank, while operating costs and losses remained above last year\u2019s levels after a restructuring that cut about 200 jobs.<\/p>\n<p>The company generated $45.5 million in total revenue, up from $33.3 million a year earlier, according to its <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2055592\/000205559226000065\/gemi-20260630.htm\">Aug. 13 quarterly filing<\/a>. Exchange revenue, however, fell 38% to $12.5 million from $20.2 million.<\/p>\n<p>The decline was steeper in activity. Spot matched <a href=\"https:\/\/cryptoslate.com\/markets\/\">trading volume<\/a> on Gemini\u2019s platform fell to $3.8 billion from $11.3 billion, a drop of about 66%. Newer products carried more of the top line while the exchange generated less.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/crypto-exchanges-are-losing-retail-traders-but-are-filling-the-gap-with-wall-street-style-bets\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Crypto exchanges are losing retail traders but are filling the gap with Wall Street-style bets<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<h2>Costs shifted, but the exchange stayed weak<\/h2>\n<p>In February, Gemini approved a restructuring that included winding down operations in the UK, the European Union, other European jurisdictions, and Australia. The plan covered up to 200 employees, or about 25% of its workforce at the time. It preserved operations in the US and Singapore.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/the-crypto-ipo-wave-has-one-big-problem-bitcoin-is-still-in-charge\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Crypto exchange IPOs are back, but Bitcoin still controls the window<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>Some cost progress was visible, although the filing does not isolate it as realized restructuring savings. <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2055592\/000205559226000065\/gemi-20260630.htm\">Employee compensation, benefits and personnel costs<\/a>, excluding stock compensation and restructuring, fell 20% year over year to $27.9 million. Compared with the first quarter, operating expenses improved about 15% and operating loss improved about 18%.<\/p>\n<p>The annual comparison remained weaker. Total operating expenses rose 24% to $122.4 million, and operating loss widened to $76.9 million from $65.4 million. The reset reduced parts of the cost base without restoring consolidated operating performance to last year\u2019s level.<\/p>\n<p>The loss measures also moved in different directions. GAAP net loss fell to $107.7 million from $133.2 million. Adjusted EBITDA loss widened to $74.0 million from $51.9 million. Gemini <a href=\"https:\/\/investors.gemini.com\/news-releases\/news-release-details\/gemini-reports-second-quarter-2026-results\">primarily attributed<\/a> the adjusted EBITDA deterioration to market-related losses on bitcoin it received through a May private placement. The quarter\u2019s reconciliation showed no restructuring charge. That means the wider adjusted EBITDA loss should not be attributed to the job cuts.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-acca12f7-6241-4aaa-aaa2-fb5965b4baac.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-554830\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-acca12f7-6241-4aaa-aaa2-fb5965b4baac.png\" alt=\"Gemini Q2 2026 revenue and loss dashboard comparing total revenue, exchange revenue, trading volume, card revenue and loss metrics with Q2 2025.\" width=\"720\" height=\"900\" \/><\/a><\/p>\n<h2>Card growth lifted revenue but added costs<\/h2>\n<p>Credit-card revenue rose to $16.2 million from $4.9 million, driving most of Gemini\u2019s $12.2 million increase in total revenue. The company also disclosed $8.7 million in combined card rewards and promotional and referral incentives. It also reported a <a href=\"https:\/\/investors.gemini.com\/news-releases\/news-release-details\/gemini-reports-second-quarter-2026-results\">$16.1 million credit-loss provision<\/a> affected by an identified identity-fraud cohort.<\/p>\n<p>Those consolidated disclosures are not a complete card profit-and-loss statement and do not establish a definitive margin. They do show that the new revenue carried material costs. Total transaction losses across Gemini climbed to $20.1 million from $3.6 million.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/prediction-markets\/\">Prediction markets<\/a> contributed $524,000 after launching in December 2025. The early contribution was too small to change the quarter\u2019s economics. One quarter does not establish the product\u2019s long-term potential.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/robinhoods-expanding-crypto-bet-meets-a-faster-moving-prediction-market-boom\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Robinhood\u2019s expanding crypto bet meets a faster-moving prediction market boom<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>The restructuring produced visible cost progress, but it had not materially repaired Gemini\u2019s core exchange or year-over-year operating performance in the second quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Card growth lifted total revenue, but trading volume fell about 66% and year-over-year operating costs remained elevated.<\/p>\n","protected":false},"author":1264,"featured_media":554927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77952,39,77968],"tags":[81073],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gemini Exchange Revenue Fell 38% as Q2 EBITDA Loss Hit $74M<\/title>\n<meta name=\"description\" content=\"Gemini exchange revenue fell 38% to $12.5M in Q2 2026 as trading volume dropped 66% and adjusted EBITDA loss widened to $74M.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/latest-gemini-earnings-expose-cryptos-new-exchange-reality-more-total-revenue-less-crypto-trading\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latest Gemini earnings expose crypto\u2019s new exchange reality - more total revenue, less crypto trading\" \/>\n<meta property=\"og:description\" content=\"Gemini exchange revenue fell 38% to $12.5M in Q2 2026 as trading volume dropped 66% and adjusted EBITDA loss widened to $74M.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/latest-gemini-earnings-expose-cryptos-new-exchange-reality-more-total-revenue-less-crypto-trading\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-14T16:10:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-14T10:22:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/gemini-breached-revenue-wall.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Liam &#039;Akiba&#039; 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