Gemini Q1 Revenue Climbs 42% as Card Income Surges

New York-based crypto firm Gemini reported a 42% year-over-year increase in revenue to $50.3 million for the first quarter of 2026, led by a large rise in credit-card income.

Credit-card revenue jumped nearly 300% to $14.7 million. Transaction revenue held steady at $24 million, while revenue from the company’s crypto exchange fell 27% to $17.2 million as spot trading activity and market volumes moderated.

Total trading volume dropped to $6.3 billion in Q1 2026 from $13.5 billion in Q1 2025. Services and interest income, driven largely by credit-card receipts, accounted for almost half of total revenue in the quarter.

Operating expenses increased 73% to $144.5 million. The company attributed higher costs to increased compensation, marketing and expenses tied to the credit-card business. Gemini reported an adjusted EBITDA loss of just under $60 million for the quarter.

Gemini disclosed a $100 million strategic investment from Winklevoss Capital in exchange for 7.1 million shares of common stock, with the funding provided in Bitcoin.

In April, Gemini received a Derivatives Clearing Organization license from the U.S. Commodity Futures Trading Commission, adding to its existing Designated Contract Market authorization. The company said those approvals permit it to offer a broader set of products including trading in predictions, futures and options.

Gemini’s public shares (GEMI) rose 6.9% in after-hours trading to $4.92 on the results; the stock remains down about 47% year-to-date.

For context, a larger crypto exchange reported $1.41 billion in revenue for Q1 2026, a 31% year-over-year decline, and posted a net loss of $394 million while expanding into derivatives and stablecoins.

Gemini president Cameron Winklevoss commented that the company expects the momentum in diversifying revenue to accelerate as it expands consumer finance and regulated derivatives offerings.