Gemini and Bullish Report Q1 Earnings Amid Crypto Market Volatility

BTCC / BTCC Square / Global Cryptocurrency /

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2026-05-15 14:04:02

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Gemini (Nasdaq: GEMI) posted $50.3 million in Q1 revenue, a 42% YoY increase, driven by its services segment, which surged 122% to $24.5 million. Credit card revenue jumped nearly 300%, with managed receivables tripling to $217 million. Exchange revenue fell 27% to $17.2 million as spot trading volume halved to $6.3 billion, reflecting broader crypto market headwinds.

The net loss narrowed to $109 million from $149.3 million in Q1 2025. Operating expenses rose 73% to $144.5 million, though underlying compensation costs grew just 6%. Adjusted EBITDA stood at -$59.9 million. Gemini closed the quarter with $215.6 million in cash and secured a $100 million strategic investment from Winklevoss Capital Fund.

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Gemini Q1 Revenue Surges 42% on Credit Card Boom, Crypto Trading Slumps

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