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Gemini reported $50.3 million in first-quarter revenue after strong growth in its credit card and exchange services businesses. The crypto exchange also secured a $100 million investment from Winklevoss Capital Fund, paid fully in bitcoin. Shares rose as much as 30% in after-hours trading following the earnings release.
The company posted a 42% revenue increase from the same quarter last year. Exchange services and interest revenue climbed 122% to $24.5 million. That segment now contributes 49% of total revenue compared with 31% a year earlier.
Gemini also revealed operating figures for its prediction markets business for the first time since launching the platform in December 2025. The company generated $400,000 in prediction market revenue during the quarter. More than 20,000 users traded over 100 million contracts on the platform.
Gemini’s credit card revenue reached $14.7 million during the quarter. The figure nearly tripled from the same period last year. The company added around 13,100 new cardholders compared with roughly 6,000 sign-ups in Q1 2025.
Managed card receivables also expanded sharply. The balance increased from $69 million to $217 million over the past year. At the same time, Gemini increased spending on credit reserves and fraud protection.
Operating expenses rose 73% to $144.5 million. Compensation costs climbed 91% while marketing expenses jumped 111%. Gemini also recorded a $4.6 million provision for credit losses and a $4.1 million fraud reserve.
The company still reported a net loss of $109 million. Even so, the figure improved from a $149.3 million loss one year earlier. Adjusted EBITDA improved slightly to negative $59.9 million from negative $61.6 million.
Gemini’s exchange revenue dropped 27% to $17.2 million as spot trading volumes declined. Total platform trading volume fell to $6.3 billion from $13.5 billion in Q1 2025.
Meanwhile, OTC revenue surged to $6.3 million from only $100,000 a year earlier. Larger institutional trades and the expansion of Gemini’s electronic OTC platform supported the increase. Monthly transacting users reached 589,000 during the quarter. That marked a 17% increase from last year. Yet platform assets declined to $11.1 billion because of weaker crypto valuations.
Can Gemini’s newer businesses offset falling exchange activity and rising operating costs? Gemini said the April prediction market volume rose another 78% from March. Tyler Winklevoss stated that the company plans to evolve from a crypto company into a broader markets company.
Also Read: New York Sues Coinbase and Gemini Over Illegal Betting Markets
In April, Gemini received a Derivatives Clearing Organization license from the CFTC. Cameron Winklevoss said the approval moves the company closer to offering futures, options, and perpetual contracts.
The $100 million investment came through the purchase of 7,142,857 shares of Class A common stock at $14 each. Winklevoss Capital funded the transaction entirely with bitcoin. Earlier this year, Gemini launched a restructuring plan called Gemini 2.0. The company exited the UK, EU, and Australian markets and cut 25% of its workforce.
The restructuring triggered criticism from investors and analysts. A class-action complaint filed in New York alleged the company misled investors before and after its September 2025 IPO.
Several analysts later downgraded the stock. Evercore ISI lowered its rating to in-line and cut its target price to $10. Truist moved the stock to hold and reduced its target to $7 over solvency concerns after the international exit.
Gemini’s Q1 results showed strong revenue growth, led by credit card gains, OTC trading, and interest income, while exchange volume declined. The $100 million bitcoin-funded investment and new regulatory approval may support its push into prediction markets and broader derivatives growth.
