Gemini posts 42% revenue growth as financial services expansion reshapes business

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Gemini revenue growth shift

Highlights

Gemini revenue increases 42% year over year to $50.3 million in Q1 2026, driven by a nearly 300% surge in credit card revenue to $14.7 million.
Operating expenses rise 73% to $144.5 million, resulting in an adjusted EBITDA loss of just under $60 million as Gemini expands financial services offerings.
Gemini receives a Derivatives Clearing Organization license from the CFTC in April, furthering its plan for a full-stack marketplace as GEMI shares rise 6.9% to $4.92 after hours.

Revenue mix shifts toward financial services

As reported by Cointelegraph, total revenue rises 42% year over year to $50.3 million in the first quarter of 2026, while transaction revenue stays stable at $24 million. The company says exchange revenue falls 27% to $17.2 million, reflecting lower spot trading activity and more moderate crypto market volumes, and total trading volume declines to $6.3 billion from $13.5 billion in the first quarter of 2025.

The strongest growth comes from the company’s credit card business, where revenue jumps nearly 300% to $14.7 million as the Gemini Credit Card user base expands. Gemini says its move into consumer finance starts in early 2021, and services and interest income, driven heavily by credit cards, now account for almost half of total revenue.

President Cameron Winklevoss says the momentum from diversifying revenue is expected to accelerate further. Gemini also says it closes a $100 million strategic investment from Winklevoss Capital in exchange for 7.1 million shares of common stock, with the investment funded in Bitcoin.

Costs rise as Gemini broadens market offering

Operating expenses increase 73% to $144.5 million in the quarter, reaching $144.5 million on higher compensation, marketing and credit card-related costs tied to business expansion. Gemini reports an adjusted EBITDA loss of just under $60 million.

The company is also expanding its regulated market infrastructure. In April, Gemini receives a Derivatives Clearing Organization license from the U.S. Commodity Futures Trading Commission, adding to its Designated Contract Market authorization and supporting its plan to build what it calls a full-stack marketplace for crypto trading, predictions, futures and options.

Gemini stock, trading under the ticker GEMI, gains 6.9% in after-hours trading on Thursday to $4.92, though it remains down 47% year to date, according to Google Finance. The results come as other crypto platforms also push beyond digital assets, with Coinbase expanding into stock and ETF trading and Kraken pursuing regulated derivatives through acquisitions.

We previously reported on the CLARITY Act gaining momentum in Congress as Senate committees advanced federal digital asset market structure legislation. The measure is positioned as a bid to create clearer rules for blockchain-based financial services and consumer protection, while also drawing criticism that parts of the draft could leave gaps around illicit finance and enforcement.

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