"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. This investment will help fuel that ambition and set Gemini up for long-term success."
"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. "In April, we received our DCO license from the CFTC, which marks a major milestone in our marketplace expansion. In addition to our crypto spot marketplace, Gemini now has taken the next step towards building a full-stack, end-to-end marketplace for predictions as well as futures, options, and more."
First Quarter Results:
Total revenue increased 42% year-over-year to $50.3 million driven by strong growth in services and OTC revenue.
Transaction revenue remained stable year-over-year at $24.1 million.
Exchange revenue decreased 27% year-over-year to $17.2 million, reflecting lower spot trading activity and a moderation in crypto market volumes, with total trading volume declining to $6.3 billion from $13.5 billion in Q1 2025.
OTC revenue increased to $6.3 million from $0.1 million in Q1 2025, driven by higher institutional client activity, including several larger trades during the quarter, and continued expansion of our electronic OTC (eOTC) platform.
Prediction markets revenue was $0.4 million, reflecting the first full quarter of contribution following the December 2025 launch. Approximately 20K users have traded on the Company's prediction markets offering since launch.
Services revenue and interest income increased 122% year-over-year to $24.5 million, now representing 49% of total revenue compared to 31% in Q1 2025.
Credit card revenue increased nearly 300% year-over-year to $14.7 million, driven by significant growth in the Gemini Credit Card user base, with approximately 13,100 new sign-ups in Q1 2026, more than double the approximately 6,000 in Q1 2025, and approximately 123,700 cumulative new cardholders over the trailing four quarters. Managed card receivables more than tripled over the same period, growing from $69 million to $217 million.
Advisory fee revenue was $2.7 million, reflecting an advisory services agreement with a strategic customer entered into in Q3 2025. There was no comparable revenue in Q1 2025.
Custodial fee revenue was $1.9 million, roughly flat year-over-year.
Staking revenue decreased 31% year-over-year to $2.1 million, reflecting lower asset prices and reduced staking yields relative to the prior year period.
Interest income was $2.6 million, up 16% year-over-year due to higher average customer cash balances on the platform.
Total operating expenses increased 73% year-over-year to $144.5 million. The year-over-year increase was primarily driven by compensation, marketing, and credit card-related costs associated with the significant business expansion undertaken throughout 2025, partially offset by the benefits of a reduction in force completed in Q1 2026.
Salaries and compensation increased 91% year-over-year to $65.4 million. Excluding $24.2 million of stock-based compensation and $6.5 million of severance and related payroll taxes associated with the Q1 2026 reduction in force, total salaries and compensation increased 6% year-over-year to $34.8 million, reflecting a lean and stable run-rate cost base entering Q2 2026.
Sales and marketing increased 111% year-over-year to $19.1 million, with. spend moderating from peak levels in Q3 and Q4 2025 as the Company continues to deploy marketing capital opportunistically in line with market conditions. Within sales and marketing:
Marketing acquisition and brand spend increased 61% year-over-year to $7.6 million, reflecting brand and performance marketing investments to support customer acquisition and broader platform awareness.
Credit card rewards and promotional and referral incentives increased 170% year-over-year to $11.4 million, driven primarily by higher credit card crypto rewards tied to the significant growth in cardholder spend activity.
Transaction losses increased 169% year-over-year to $11.1 million, primarily driven by a $4.6 million provision for credit losses and a $4.1 million fraud reserve, both related to the growing credit card portfolio and reflecting portfolio seasoning alongside the significant growth in managed card receivables, which reached $218.1 million at quarter-end.
Technology expenses increased 32% year-over-year to $22.1 million, reflecting infrastructure investments to support platform growth and new product launches.
General and administrative expenses increased 55% year-over-year to $21.7 million, driven primarily by higher legal expenses.
Net loss improved 27% year-over-year to $(109.0) million, compared to $(149.3) million in Q1 2025.
Net loss per share, basic and diluted, was $(0.93), compared to $(30.34) in Q1 2025.
Adjusted EBITDA improved modestly to $(59.9) million, compared to $(61.6) million in Q1 2025, reflecting revenue growth and early benefits from cost discipline following restructuring actions.
Cash and cash equivalents totaled $215.6 million, compared with $252.2 million at the end of Q4 2025.
Monthly Transacting Users were 589,000, up 17% year-over-year.
Assets on Platform were $11.1 billion as of March 31, 2026, compared to $14.2 billion at March 31, 2025, reflecting lower crypto asset valuations relative to the elevated market levels in the prior year period.
Business Highlights
Gemini Strengthens Balance Sheet with $100 Million Investment
On May 14, 2026, Gemini closed a $100.0 million private placement with WCF in exchange for 7,142,857 shares of the Company's Class A common stock, with the investment funded in bitcoin.
The transaction enhances the Company's liquidity and supports continued investment in product development, strategic initiatives, and general corporate purposes. Additional details are available in the Company's Form 8-K, filed with the Securities and Exchange Commission ("SEC") on May 14, 2026.
Gemini Secures DCO License, Next Step In Full-Stack Markets Infrastructure
On April 29, 2026, Gemini Olympus received a Derivatives Clearing Organization ("DCO") license from the U.S. Commodity Futures Trading Commission ("CFTC"), making Gemini one of only a handful of crypto-native platforms in the U.S. to hold both a Designated Contract Markets ("DCM") and a DCO license in-house. Together, these licenses represent the next step for Gemini to be a full-stack, end-to-end marketplace for predictions, futures, options, and more, without reliance on third-party clearinghouses.
The DCO will enable Gemini to handle settlement, risk management, collateral, and trade guarantees internally, laying the critical infrastructure for an expanded U.S. derivatives offering. With these licenses, Gemini Titan will explore expanding its derivatives offering for U.S. customers to include crypto futures, options, and perpetual contracts or perps, once these contracts are allowed in the U.S.
These licenses also underscore Gemini's dedication to building a best-in-class predictions market in-house. We believe owning both the exchange and the clearinghouse will allow Gemini to deliver a better customer experience, respond faster to market opportunities, and retain the enterprise value embedded in its DCM and DCO licenses from the CFTC.
Gemini Predictions Gains Momentum
Gemini Predictions gained meaningful traction in Q1 2026 and accelerated into Q2, with April 2026 volume up 78% month-over-month. The platform has surpassed 100 million contracts traded across more than 20,000 traders since its December 2025 launch.
Unlike peers who have chosen to partner with third-party venues, Gemini has chosen to build its entire prediction markets infrastructure in-house. Having operated spot crypto markets for over a decade, Gemini is uniquely positioned to build and win in this space.
Gemini Launches Agentic Trading To Capture the Future of Autonomous Crypto Trading
In April 2026, Gemini launched Agentic Trading, one of the first agentic trading tools available directly through a regulated U.S.-based exchange. Agentic Trading allows customers to connect AI agents including Claude, ChatGPT, and others directly to Gemini's full API to place trades, monitor markets, and manage risk autonomously.
The tool includes Trading Skills, a library of modular, pre-built functions that agents can call on demand, including real-time market data, bid-ask spread retrieval, and historical candlestick data, with more expected to be launched soon. Agentic Trading is designed to meet traders where they are, with a low floor for beginners and a high ceiling for sophisticated quant strategies.
Conference Call
As previously announced, management will host a conference call tomorrow, May 15, 2026, at 8:30 a.m. E.T to discuss its Q1 2026 earnings results. The event will be webcast live via our investor relations website.
Call registration and webcast details are available on the Events page of our investor relations website https://investors.gemini.com/ ahead of the call. Following the call, a replay and transcript, as well as copies of Gemini's earnings press release and earnings presentation, will also be available at https://investors.gemini.com/. The information on our website or accessible through our website is not incorporated or a part of this earnings release.
Gemini Space Station, Inc.Condensed Consolidated Balance Sheets(in thousands, except par value)(unaudited)
March 31,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
215,623
$
252,215
Restricted cash and cash equivalents
103,747
115,279
Customer custodial funds
483,774
527,354
Crypto assets held
271,956
439,622
Accounts receivable, net
32,474
30,887
Credit card receivables pledged, net
183,965
188,754
Prepaid expenses and other current assets
42,957
52,140
Total current assets
1,334,496
1,606,251
Software, property and equipment, net
14,947
15,083
Intangible assets, net
134,231
139,805
Other non-current assets, net
38,142
40,708
Total assets
$
1,521,816
$
1,801,847
Liabilities and Stockholders' Equity
Current liabilities:
Custodial funds due to customers
$
483,656
$
527,307
Accounts payable
1,958
2,647
Accrued expenses
73,683
55,466
Third party loans
75,349
75,151
Related party loans
252,574
403,931
Funding debt
140,457
154,374
Other current liabilities
19,237
21,528
Total current liabilities
1,046,914
1,240,404
Non-current liabilities:
Lease liabilities
18,764
20,570
Total non-current liabilities
18,764
20,570
Total liabilities
1,065,678
1,260,974
Commitments and contingencies
Stockholders' equity:
Class A common stock, par value $0.001 per share; 1,000,000 shares authorized; 44,007 and 42,329 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
45
43
Class B common stock, par value $0.001 per share; 100,000 shares authorized; 75,127 shares issued and outstanding as of March 31, 2026 and December 31, 2025
75
75
Preferred stock, par value $0.001 per share; 20,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025
—
—
Treasury stock at cost; 1,132 and 284 shares as of March 31, 2026 and December 31, 2025, respectively
(569
)
(568
)
Additional paid-in capital
2,607,625
2,583,689
Accumulated other comprehensive income
1,193
887
Accumulated deficit
(2,152,231
)
(2,043,253
)
Total stockholders' equity
456,138
540,873
Total liabilities and stockholders' equity
$
1,521,816
$
1,801,847
Gemini Space Station, Inc.Condensed Consolidated Statements of Operations and Comprehensive Loss(in thousands, except per share data)(unaudited)
Three Months Ended March 31,
2026
2025
Revenue:
Net revenue
$
48,578
$
35,117
Other revenue
1,694
205
Total revenue
50,272
35,322
Operating expenses:
Salaries and compensation
65,428
34,272
Technology
22,090
16,674
General and administrative
21,680
13,999
Transaction losses
11,090
