Crypto company Gemini reported a 42% year-on-year increase in revenue in Q1 2026 as it continued its growth from a pure crypto exchange into a financial services company.
Total revenue for the Winklevoss twins’ company grew 42% year-on-year to $50.3 million in the first quarter, while transaction revenue remained stable at $24 million, the company reported Thursday.
However, its crypto exchange revenue decreased 27% year-on-year to $17.2 million, “reflecting lower spot trading activity and a moderation in crypto market volumes,” while total trading volume declined to $6.3 billion from $13.5 billion in Q1 2025.
The biggest increase was in credit card revenue, which surged nearly 300% to $14.7 million, driven by significant growth in the Gemini Credit Card user base, the company said.
The expansion from crypto into broader financial services began in early 2021, when the company announced consumer finance products such as credit cards. Five years later, services and interest income, driven heavily by credit cards, made up almost half of total revenue, showing how pivotal the expansion has become.
“As Gemini continues to evolve, we expect that the momentum we have built in diversifying our revenue will only accelerate,” said Gemini president Cameron Winklevoss.
Gemini’s revenue increased, but so did operating expenses. Source: Gemini
Other crypto exchanges have been eyeing business outside of digital assets. Coinbase has aggressively expanded into stock and ETF trading with a goal to become an “everything exchange,” while Kraken has made recent acquisitions enabling it to expand into regulated derivatives markets.
Total operating expenses increased
Alongside revenue growth, Gemini also reported a 73% increase in total operating expenses to $144.5 million in the quarter. This was driven primarily by “compensation, marketing and credit card-related costs associated with the significant business expansion,” the company said.
Gemini reported an adjusted EBITDA loss of just under $60 million.
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Gemini also disclosed Thursday that it closed a $100 million strategic investment from Winklevoss Capital in exchange for 7.1 million shares of common stock, with the investment funded in Bitcoin.
Path to becoming a full-stack, end-to-end marketplace
In April, the company received a Derivatives Clearing Organization license from the US Commodity Futures Trading Commission, making Gemini one of only a handful of crypto-native platforms in the country to hold both a Designated Contract Market and a DCO license in-house.
“This all represents the next step towards Gemini becoming a full-stack, end-to-end marketplace for crypto trading, predictions, futures, options, and more,” the firm stated.
Gemini’s stock (GEMI) gained 6.9% on Thursday to reach $4.92 in after-hours trading; however, it remains down 47% year-to-date, according to Google Finance.
Last week, Coinbase reported $1.41 billion in total Q1 revenue, down 31% year over year, but it posted a net loss of $394 million. It also saw strong diversification into derivatives, prediction markets, and stablecoins, which helped offset the decline.
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