Gemini Space Station, Inc.

What they do

Founded in 2014, Gemini operates spot and derivatives trading, an OTC desk, staking, institutional custody, the NYDFS-regulated GUSD stablecoin, a U.S. credit card, and, since December 2025, a CFTC-regulated prediction markets platform through affiliate Gemini Titan. As of June 30, 2026 it served approximately 580,000 monthly transacting users with over $8.4 billion of assets on platform, and it holds money transmitter licenses in all states that require them. Customer crypto assets are held in full on platform. It discontinued Nifty Gateway in January 2026 and added U.S. stock trading in July 2026.

Revenue drivers

• Exchange transaction fees — Fees on retail and institutional trade volume; exchange revenue was $12.5 million in Q2 2026 (27.5% of total revenue) and $20.2 million in Q2 2025, with retail at roughly 88% of exchange revenue.
• Services and interest income — Credit card, staking, advisory and custodial fees plus interest on USD assets backing GUSD; $26.0 million in Q2 2026, up 117% year over year, led by credit card revenue of $16.2 million and staking of $4.0 million.
• OTC trading — Institutional OTC and electronic OTC activity generated $4.7 million in Q2 2026 versus $0.6 million a year earlier.
• Prediction markets — New CFTC-regulated event-contract platform launched December 2025 via Gemini Titan, contributing $0.5 million of transaction revenue in Q2 2026.

Recent performance

Q2 2026 total revenue rose 37% year over year to $45.5 million from $33.3 million, but was down from $50.3 million in Q1 2026. Exchange revenue fell 38% to $12.5 million as trading volume dropped to $3.8 billion from $11.3 billion, while services and interest income grew 117% to $26.0 million. Net loss was $107.7 million for the quarter and $216.7 million for the first half; Adjusted EBITDA was negative $74.0 million and negative $134.0 million, respectively. Total operating expenses were $122.4 million, up 24% year over year but down 15% sequentially, and operating loss improved about $17.2 million sequentially.

Strategy

Management is diversifying away from crypto-trading-dependent revenue toward services such as the credit card, staking and advisory fees, and added commission-free U.S. stock trading in July 2026. Cost optimization begun in 2026 included a February reduction in force and an exit from the United Kingdom, the E.U., other European jurisdictions and Australia to concentrate resources on the United States. The company is building a unified multi-product platform with shared infrastructure for money and markets, spanning crypto, derivatives, prediction markets and equities. It also targets institutional clients through OTC, custody and its electronic OTC platform.

Risks

• Crypto price and volume sensitivity — Total revenue is substantially dependent on digital asset transaction volume and prices, and exchange revenue fell 38% year over year in Q2 2026 as trading volumes declined.
• Revenue concentration — The 10-K states meaningful revenue concentration comes from transactions in bitcoin, ether and solana.
• Persistent losses and cash burn — Net loss was $582.8 million in 2025 and $216.7 million in the first half of 2026, with operating cash flow of negative $218.1 million in 2025.
• Regulatory and international footprint risk — The business depends on licenses and regulated entities such as Gemini Trust and Gemini Titan, and it is winding down operations in the U.K., E.U., other European jurisdictions and Australia.

Outlook

Management frames the quarter as progress on reducing expenses and diversifying revenue to be less sensitive to crypto market forces, while acknowledging "we still have work to do." It points to the July 2026 launch of commission-free stock trading and expanded products (equities, predictions, credit card) as ways for customers to engage with the platform. The company also cites benefits from the February 2026 reduction in force and international market exits, with operating expenses down 15% sequentially in Q2 2026. No specific forward financial guidance is provided in the excerpts.