Gemini Sees 42% Revenue Growth Following Financial Services Expansion

Gemini’s credit card revenue was reported to have surged nearly 300% year over year, reaching $14.7 million in Q1, driven largely by strong expansion in its user base.

Crypto company Gemini reported a 42% year-over-year rise in revenue in Q1 2026, as it continued its transition from a pure crypto exchange into a broader financial services firm.

Total revenue at the Winklevoss twins’ company was reported to have grown 42% year over year, reaching $50.3 million in the first quarter, while transaction revenue was reported as largely stable at $24 million, according to the company’s disclosure on Thursday.

However, crypto exchange revenue was reported to have declined 27% year over year to $17.2 million, “reflecting lower spot trading activity and a moderation in crypto market volumes,” while total trading volume dropped to $6.3 billion from $13.5 billion in Q1 2025.

The largest increase was reported in credit card revenue, which was said to have surged nearly 300% to $14.7 million, driven by strong expansion in the Gemini Credit Card user base, according to the company.

The expansion from crypto into broader financial services was initiated in early 2021, when the company introduced consumer finance products including credit cards. Five years later, services and interest income—driven largely by credit cards—were reported to account for nearly half of total revenue, highlighting how significant 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.

Other crypto exchanges have been increasingly reported to be exploring business opportunities beyond digital assets. Coinbase has aggressively expanded into stock and ETF trading in an effort to position itself as an “everything exchange,” while Kraken has undertaken recent acquisitions that are enabling its expansion into regulated derivatives markets.

Total Operating Expenses Rose During the Period#

Alongside revenue growth, Gemini also reported that total operating expenses increased by 73% to $144.5 million in the quarter. The rise was driven mainly by “compensation, marketing, and credit card-related costs associated with significant business expansion,” according to the company.

Gemini reported an adjusted EBITDA loss that was recorded at just under $60 million, according to the company’s disclosure.

Gemini also disclosed on Thursday that a $100 million strategic investment was closed from Winklevoss Capital in exchange for 7.1 million shares of common stock, with the investment being funded in Bitcoin.

Building Toward a Full-Stack End-to-End Marketplace#

In April, a Derivatives Clearing Organization license was granted to the company by the US Commodity Futures Trading Commission, making Gemini one of the few 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) was reported to have risen 6.9% on Thursday, reaching $4.92 in after-hours trading; however, it was still recorded as being down 47% year-to-date, according to Google Finance.

Last week, Coinbase reported total Q1 revenue of $1.41 billion, which was down 31% year over year, while a net loss of $394 million was also posted. The company is significantly larger than Gemini and has increasingly diversified into derivatives, prediction markets, and stablecoins, which helped offset the overall revenue decline.