On May 15, 2026, Gemini reported a 42% year-on-year increase in total revenue for the first quarter, signaling that its long-term bet on becoming a diversified financial services company is starting to pay off. While traditional crypto trading volumes remained subdued, the firm’s expansion into consumer credit and regulated derivatives has successfully created a new financial engine for the Winklevoss-led platform.
Credit Card Surge and Revenue Diversification
Total revenue for the quarter reached $50.3 million, up from the previous year. The standout performer was the Gemini Credit Card, which saw revenue surge nearly 300% to $14.7 million. This growth is a result of a five-year effort, initiated in 2021, to transition Gemini from a pure-play crypto exchange into a broader “full-stack” marketplace.
In contrast, the platform’s core exchange revenue felt the sting of a cooling market, dropping 27% to $17.2 million. Total trading volumes fell to $6.3 billion from $13.5 billion in Q1 2025. However, because services and interest income, largely driven by the credit card, now account for nearly half of total revenue, the firm was able to maintain growth despite the spot trading slump.
“As Gemini continues to evolve, we expect that the momentum we have built in diversifying our revenue will only accelerate,” stated Gemini president Cameron Winklevoss.
Operational Challenges and Strategic Investment
The aggressive expansion has come at a significant cost. Gemini reported a 73% increase in total operating expenses, which climbed to $144.5 million this quarter. The firm attributed this to heightened compensation, marketing, and costs associated with scaling the credit card infrastructure. These expenses resulted in an adjusted EBITDA loss of just under $60 million.
To bolster the balance sheet, Gemini disclosed it had closed a $100 million strategic investment from Winklevoss Capital. Interestingly, the investment was funded entirely in Bitcoin in exchange for 7.1 million shares of common stock. This move underscores the founders’ continued conviction in the underlying asset even as the company diversifies its business model.
Building the Full-Stack Marketplace
Gemini is also making major strides on the regulatory front. In April, the firm received a Derivatives Clearing Organization (DCO) license from the CFTC. This makes Gemini one of the few crypto-native platforms in the US to hold both a Designated Contract Market (DCM) and a DCO license in-house.
This regulatory milestone is a key piece of the puzzle for Gemini’s end-to-end strategy, which aims to integrate crypto trading, predictions, futures, and options into a single, regulated environment. While Gemini’s stock (GEMI) remains down 47% year-to-date, it saw a 6.9% gain in after-hours trading following the revenue report, as investors digest the company’s shift toward a more sustainable, service-based revenue model.
