Why did Gemini’s revenue grow 42% in Q1 2026?

Gemini reported first-quarter revenue of $50.3 million, up 42% year over year, mainly because of growth in its financial services business. The company’s expansion beyond crypto trading, especially into credit cards and interest income, helped offset weaker exchange activity.

How much did Gemini’s crypto exchange business decline?

Gemini’s crypto exchange revenue fell 27% year over year to $17.2 million. The company said lower spot trading activity and softer crypto market volumes reduced trading revenue during the quarter.

Why is Gemini focusing on financial services instead of only crypto trading?

Gemini is trying to diversify its business so it is less dependent on volatile crypto trading cycles. Consumer finance products such as credit cards and interest income now represent nearly half of total revenue, making the company more stable during weaker trading markets.

How important is Gemini’s credit card business now?

The credit card business became one of Gemini’s biggest growth drivers after revenue surged nearly 300% to $14.7 million in Q1. Rapid user growth and broader adoption of the Gemini Credit Card significantly boosted non-trading income.

Is Gemini profitable after this revenue growth?

No, Gemini still reported an adjusted EBITDA loss of nearly $60 million. Operating expenses jumped 73% to $144.5 million as the company spent heavily on staff, marketing and expansion of its financial products.

What does Gemini’s revenue diversification mean for investors?

Revenue diversification could make Gemini more resilient during crypto downturns because it reduces dependence on trading fees alone. Investors may see this as a positive long-term strategy, although rising costs and continued losses remain major risks.

How does Gemini compare with Coinbase and Kraken now?

Like Coinbase and Kraken, Gemini is expanding beyond spot crypto trading into broader financial products. Coinbase has focused on stock trading, ETFs and stablecoins, while Kraken has expanded into regulated derivatives markets.

What is Gemini building with its derivatives licences?

Gemini recently secured US derivatives clearing approvals that allow it to expand into futures, options and prediction markets. The company said it wants to become a “full-stack” marketplace covering multiple crypto trading and financial services products.

Gemini revenue jumps 42% on finance expansion

Written by Liezl GambePublished May. 15 2026Last Updated May. 15 2026

Gemini reported a 42% year-over-year increase in first-quarter revenue to $50.3 million as the company accelerated its shift from a crypto exchange into a broader financial services platform.

The company said transaction revenue remained stable at $24 million despite crypto exchange revenue falling 27% year over year to $17.2 million amid weaker spot trading activity and lower market volumes.

“The momentum we have built in diversifying our revenue will only accelerate,”

Said Cameron Winklevoss.

Gemini’s strongest growth came from its credit card business, where revenue surged nearly 300% to $14.7 million as the company expanded its consumer finance products and increased its cardholder base.

The exchange said services and interest income now account for nearly half of total revenue, highlighting how central its non-trading businesses have become since launching consumer finance products in 2021.

Gemini also disclosed a 73% increase in operating expenses to $144.5 million, driven by compensation, marketing and credit card-related costs tied to expansion, resulting in an adjusted EBITDA loss of nearly $60 million.

The company further announced a $100 million strategic investment from Winklevoss Capital funded in bitcoin and said recent derivatives licensing approvals marked another step toward building a full-service crypto marketplace spanning futures, options, prediction markets and trading products.

At the time of reporting, Bitcoin price was $80,516.65.