- Gemini revenue rose by 42% as credit card and services income offset weaker trading activity.
- Gemini credit card revenue jumped 300% while trading volume dropped to $6.3 billion.
- Gemini secured $100M in Bitcoin funding as it expands into derivatives and prediction markets.
Crypto exchange Gemini reported a 42% year-on-year increase in first-quarter revenue after continued expansion into financial services and consumer products helped offset weaker trading activity across its exchange business.
According to the company’s Q1 2026 financial update, total revenue reached $50.3 million during the quarter, while transaction revenue remained at $24 million. However, exchange revenue declined 27% year over year to $17.2 million, as lower spot trading activity and softer crypto market volumes weighed on performance.
Gemini’s total trading volume also dropped to $6.3 billion compared with $13.5 billion reported during the same quarter last year.
The largest growth portion came from the company’s credit card business. Gemini disclosed that credit card revenue surged nearly 300% year over year to $14.7 million, driven by an expanding user base. Services revenue and interest income also rose by 122% to $24.5 million, highlighting the company’s increasing reliance on non-exchange revenue streams.
The shift toward broader financial services began in 2021 when Gemini introduced consumer finance products, including crypto-linked credit cards. Five years later, services and interest income accounted for nearly half of total quarterly revenue.
Gemini Expands Beyond Core Exchange Operations
The company’s results arrive as several major crypto firms continue expanding their businesses outside traditional spot trading. Coinbase has expanded into stock and ETF trading, while Kraken recently increased its presence in regulated derivatives markets through acquisitions.
Gemini also disclosed that total operating expenses increased 73% year over year to $144.5 million during the quarter. The company attributed the increase primarily to compensation costs, marketing expenses, and expansion-related spending in its credit card business.
Separately, Gemini confirmed it secured a $100 million strategic investment from Winklevoss Capital in exchange for 7.1 million shares of common stock. The investment was funded in Bitcoin.
Regulatory Expansion Supports New Market Strategy
In April, Gemini received a Derivatives Clearing Organization license from CFTC. The approval allows Gemini to operate both a Designated Contract Market and a DCO license on a single platform.
The company said the approvals support its overall effort to build an integrated marketplace covering crypto trading, futures, options, and prediction markets.
Related: Winklevoss’ Gemini IPO Raises $425M, GEMI Debuts on Nasdaq With $3.3B Valuation
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