Gemini Crypto Exchange Statistics 2026: Revenue, Users and Assets

In the second quarter of 2026, Gemini Space Station grew total revenue 37% year over year to $45.5 million, from $33.3 million. Composition matters more than the headline here. According to Gemini’s second-quarter Form 10-Q, exchange revenue decreased 38% year over year to $12.5 million, while services revenue increased 149% to $23.5 million. The trading venue that gave the company its name now supplies a minority of what it earns.

Gemini has filed with the SEC since its Nasdaq listing, so the metrics below are reviewed disclosures rather than platform estimates. Per the same filing, Monthly Transacting Users were up 11% year over year to 580,000. Assets on Platform were $8.4 billion as of Q2 2026, compared to $18.2 billion as of Q2 2025.

Key Takeaways

• Exchange trading supplied 27.5% of total revenue in the second quarter, down from 60.8% in the same quarter a year earlier.
• Services revenue rose 149% year over year to $23.531 million, from $9.450 million, led by the credit card.
• Credit card revenue increased 231% year over year to $16.2 million, while transaction losses increased from $3.6 million to $20.1 million over the same period.
• Retail investors accounted for approximately 88% of exchange revenue in the quarter, so the trading business remains a consumer business.
• Bitcoin represented 65.5% of Assets on Platform at the end of the second quarter, with Ether at 15.5%.
• The company had a total global workforce of approximately 650 employees at the end of 2025. A restructuring then included a reduction in force of approximately 200 employees.
• Institutional flow dominates the order book: institutional trading volume reached $8.1 billion across the first half, against retail volume of $2.0 billion.

Editor’s Choice

• Total revenue was $179.6 million in 2025 and $142.2 million in 2024.
• First-quarter revenue reached $50.3 million, against $35.3 million in the same quarter a year earlier.
• Gemini served approximately 601,000 MTUs at the end of 2025.
• Managed credit card receivables grew to $219.6 million at quarter-end from $93.5 million a year ago.
• Cumulative contracts traded on Gemini Predictions surpassed 225 million.
• Net proceeds from the IPO were $406.3 million.
• Cash and cash equivalents totaled $188.6 million at quarter-end.

Gemini Revenue by Quarter

• Second-quarter revenue of $45.5 million followed first-quarter revenue of $50.3 million. The opening quarter was the stronger of the pair on the top line.
• The first-half comparison is cleaner: total revenue of $95.7 million against $68.6 million a year earlier.
• Losses narrowed on the same basis. The half-year net loss was $(216.7) million against $(282.5) million in the prior-year period.
• Adjusted EBITDA moved the other way, widening to $(134.0) million from $(113.5) million across the first six months.
• Loss per share fell to $(0.89) from $27.08 once the share count expanded at listing.

Source: Gemini Space Station Forms 10-Q, Q1 and Q2 2026.

Per Gemini’s quarterly filings, revenue and profitability stopped moving together. Revenue rose year over year in both quarters of 2026 while the Adjusted EBITDA line went backwards, which points at cost structure rather than demand. Readers tracking how the venue sits against its peers can compare these figures with our crypto exchange market share data.

Gemini Revenue Mix by Source

• Transaction revenue dropped 15% year over year from $20.8 million to $17.8 million in the quarter.
• OTC revenue increased to $4.7 million from $0.6 million, the one line inside transaction revenue that grew.
• Exchange revenue as a share of the total represented 34.2% in the first quarter against 66.6% in the same quarter of the prior year.
• Across the full prior year, the same ratio represented 52.0% of total revenue, against 67.4% the year before that.
• Transaction fees supplied approximately 54.6% of revenue across 2025, so a majority of the business still moved with trading at that point.

Source: Gemini Space Station Form 10-Q, quarter ended June 30, 2026.

By the numbers: Services revenue overtook transaction revenue inside a single year on Gemini’s platform. Total services revenue reached $23.531 million, from $9.450 million a year earlier. Over the same period transaction revenue dropped 15% year-over-year from $20.8 million to $17.8 million, according to Gemini’s Form 10-Q.

Our editorial view is that this reordering, rather than any single quarter’s revenue, is the structural story in the filings. A venue whose fee income tracks crypto volatility behaves very differently from a lender and card issuer whose income tracks cardholder spending.

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Recent Developments

• July 2026: Gemini announced the launch of stock trading with 0% commissions for customers in the United States. Apex Clearing Corporation acts as custodian and clearing broker.
• August 2026: Gemini’s derivatives clearinghouse went live, allowing Gemini to settle its own prediction contracts.
• April 2026: Gemini received its Derivatives Clearing Organization license from the Commodity Futures Trading Commission. Its Designated Contract Market license came the previous December.
• August 2026: Total operating expenses declined 15% sequentially to $122.4 million from $144.5 million in the reported quarter.
• Q2 2026: Gemini Predictions set a new monthly volume record in each month of the quarter, with event contracts traded up 93% quarter-over-quarter.
• August 2026: Gemini and Apex Fintech Solutions signed a letter of intent on crypto event contracts. Gemini Titan would become the exclusive regulated venue for contracts distributed through Apex’s Futures Commission Merchant.

Gemini User Statistics

• Lifetime Transacting Users reached 1.671 million at the end of 2025, counting everyone who has transacted and still holds an open account.
• Monthly engagement peaked at 589,000 MTUs in the first quarter of 2026.
• Growth in the base has been steady rather than explosive: MTUs stood at 502,000 in the first quarter of 2025.
• Institutions are a small headcount with outsized flow, at approximately 10,000 institutions served.
• The company notes that MTUs also engage in transactions that are non-revenue generating, such as consumers sending and receiving crypto assets between wallets.

Across our crypto exchange coverage, adoption metrics hold up through drawdowns far better than price or volume does. Gemini’s user series behaves the same way. Gemini’s account base kept growing through a year in which trading volume fell by more than half.

Gemini Trading Volume by Year

• First-half volume totalled $10.1 billion against $24.8 billion a year earlier, the sharpest contraction in the filed record.
• The retail share is small. Retail volume came to $0.7 billion in the quarter, against institutional volume of $3.1 billion.
• The second quarter of 2026 broke the trend hard, with total volume of $3.8 billion against $11.3 billion a year earlier.
• Revenue concentration runs the other way, since retail investors accounted for approximately 91% of exchange revenue in 2025.
• The retail share moved down over the half: retail investors accounted for approximately 87% of exchange revenue, down from approximately 95% a year earlier.

Institutional order flow of this shape depends on programmatic access rather than the consumer app. That is the same dependency documented in our API adoption research across financial services.

Gemini Trading Volume by Crypto Asset

• Bitcoin carried $5.3 billion of first-half volume, against $13.7 billion a year earlier.
• Ether volume fell furthest in proportional terms, dropping to $1.8 billion from $6.0 billion.
• XRP volume came to $0.5 billion against $1.3 billion over the same six months.
• Concentration is disclosed directly: no asset other than bitcoin and ether individually represented more than 10% of our Trading Volume across either period.
• On the revenue side, the mix is flatter, with bitcoin contributing $16 million of exchange revenue out of a $30 million total.

Gemini Assets on Platform by Crypto Asset

• Assets on Platform totalled $8.4 billion as of June 30, 2026, against $18.2 billion a year earlier.
• Bitcoin holdings drove most of that move, falling to $5.5 billion from $13.6 billion.
• The concentration in bitcoin eased slightly, from 74.7% of Assets on Platform to 65.5%.
• Customer custodial fiat rose as a share of the total, from 2.7% to 4.8%.
• The year-end figure was higher still: Gemini reported over $15.9 billion of assets on our platform at the end of 2025.

Users rose while the value they hold fell, and those two facts sit in the same document. Gemini names lower crypto valuations and select institutional custody outflows as the drivers. We would not read one explanation into a divergence the company itself splits in two. Custodied balances of this kind sit in cold storage rather than in the hot wallets most retail users touch daily.

Gemini Credit Card Statistics

• Card revenue for the first half reached $30.878 million against $8.630 million a year earlier.
• Sign-ups slowed sharply after the 2025 push, running at 13,100 in the first quarter of 2026 against 6,000 in the comparable quarter.
• The receivable book grew faster than revenue, reaching $219.6 million at quarter-end from $93.5 million.
• The offsetting cost is credit. Transaction losses increased by $16.6 million, or 467%, in the quarter.
• One cohort drives it: a $16.1 million provision for credit losses on the credit card portfolio, tied to an identity fraud event.
• Card rewards scale with the book as well, and credit card rewards and promotional and referral incentives increased 33% year-over-year to $8.7 million.

Worth noting: Gemini states that the elevated provision is concentrated within this identified fraud-related cohort. Management adds that the provision does not reflect broad-based deterioration in the underlying credit portfolio. Additional fraud detection measures were implemented in the quarter. That framing is a forward-looking estimate under its CECL methodology, not a settled outcome.

Gemini Revenue by Geography

• United States customers supplied $43.122 million of second-quarter revenue against $2.353 million from international customers.
• The international line halved and then some, falling from $7.810 million in the comparable quarter.
• Across the first half, the split was $88.299 million domestic against $7.448 million international.
• The contraction was a decision, not a demand shock. On February 5, 2026, the Company announced its plan to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia.
• No single foreign market was material in any case, since no country outside the U.S. accounted for more than 10% of Total revenue.

Source: Gemini Space Station Form 10-Q, June 30, 2026.

Gemini Operating Expenses and Transaction Losses

• Salaries and compensation increased 31% year-over-year to $48.2 million in the quarter.
• Stripping out equity awards changes the direction: total salaries and compensation decreased by 20% to $27.9 million without stock-based compensation.
• Marketing was cut to almost nothing, with marketing acquisition and brand spend decreased 99% year-over-year to $0.1 million.
• Restructuring charges landed in the first quarter, at approximately $7.9 million in charges in the six months ended June 30, 2026.
• Half-year transaction losses rose $23.6 million, or 307%, reflecting the same cohort effect.

Source: Gemini Space Station Form 10-Q, June 30, 2026.

Gemini Net Loss and Adjusted EBITDA

• The 2025 net loss of $(582.8) million against $(158.5) million was the widest the company has filed.
• Adjusted EBITDA followed the same shape, moving to $(258.0) million from $(13.2) million.
• Quarterly losses have since narrowed, with net loss down 19% year over year to $107.7 million.
• Management points to operating leverage, reporting that operating loss improved by approximately $17.2 million, or 18%, sequentially.
• Adjusted EBITDA widened to $(74.0) million in the quarter from $(51.9) million a year earlier.

The takeaway: Gemini’s loss trajectory is not a straight line. Its filed Net Income (Loss) reads $(582.813) million, $(158.546) million and $(319.675) million across the three most recent full years. Its widest loss came in the year it listed, and the quarterly loss has since narrowed.

Gemini Platform Reach, Licences and Headcount

• Gemini says it is available in 50+ countries on its published availability page.
• The retail exchange lists Bitcoin, Ethereum, and 80+ cryptos.
• Domestic coverage is complete. The company holds money transmitter licenses or the statutory equivalent in all states that require such licenses so that it is able to operate in all 50 states.
• Custody sits inside a chartered entity, described as a fiduciary and qualified custodian operating through Gemini Trust, a New York limited purpose trust company.
• The security posture is certified rather than asserted: the company has completed SOC 1 Type 2, SOC 2 Type 2, and ISO 27001 examinations.
• Headcount is modest for the product surface area, at a total global workforce of approximately 650 employees at the end of 2025.

Source: Gemini Space Station Form 10-K FY2025 and gemini.com, 2026.

Gemini was founded in the United States and remains headquartered in New York, and its co-founders, Cameron and Tyler Winklevoss, both hold executive roles. Gemini was one of the first crypto exchanges to receive a license from the NYDFS. Beyond that, it holds multiple other licenses in the U.S., Europe, and Singapore. That chartered custody structure keeps customer balances separate from company assets, unlike the pooled fiat deposits held at a conventional payment processor.

Gemini’s listing is documented in the same filings. The IPO issued and sold 15,937,501 shares of Class A common stock at a public offering price of $28.00 per share. That raise sits well below the largest deals in our IPO history data.

Is Gemini Crypto Exchange in trouble?

Gemini’s filings show a company losing money and shrinking its footprint on purpose, not one in distress. Cash and cash equivalents totaled $188.6 million at the end of the second quarter. Total operating expenses declined 15% sequentially, and the reported quarterly loss narrowed year over year. Against that, the February restructuring included a reduction in force of approximately 200 employees and the exit of several international markets.

Our reading is that the cost side is being managed down deliberately. Revenue is being rebuilt around lines that do not depend on trading volume. Whether that rebuild outruns the losses is not something the current filings answer. Nothing here is a recommendation to buy, sell, or hold anything.

Is my crypto safe on Gemini?

Custody structure is the part a reader can verify. Our secure custody solutions safeguard user assets using offline cold storage, geographically distributed Hardware Security Modules (HSMs), and multi-party computation (MPC) technology. Acting as custodian is Gemini Trust, a New York limited purpose trust company. Gemini also states that all customer assets are held in full on our platform, ensuring every unit of cryptocurrency or fiat held by a user is available to the user.

Those controls help reduce risk rather than remove it, and crypto held on any exchange carries risks that a bank deposit does not. Our crypto security and fraud data tracks how those risks have moved across the sector.

Conclusion

Gemini’s second quarter closed with total revenue of $45.5 million, up 37% year over year, and with services rather than trading carrying the growth. The filings put 580,000 Monthly Transacting Users and $8.4 billion of Assets on Platform behind it. Gemini also reported full-year revenue of $179.6 million for 2025.

These figures serve analysts sizing a listed crypto venue against its peers. They also serve operators watching whether a card-and-services mix can carry a business that trading no longer funds. Two more quarterly filings will show whether the sequential cost declines hold once the restructuring benefit is fully in the base. Peer benchmarks sit in our exchange trading volume benchmarks dataset.