Latest Gemini earnings expose crypto’s new exchange reality – more total revenue, less crypto trading

An important story is making waves across the blockchain ecosystem. Gemini’s second-quarter revenue rose as its credit-card business expanded. But the core exchange shrank, while operating costs and losses remained above last year’s levels after a restructuring that cut about 200 jobs. The company generated $45.

5 million in total revenue, up from $33. 3 million a year earlier, according to its Aug. Exchange revenue, however, fell 38% to $12.

Market Dynamics

The decline was steeper in activity. Spot matched trading volume on Gemini’s platform fell to $3. 3 billion, a drop of about 66%.

Newer products carried more of the top line while the exchange generated less. Related Reading Crypto exchanges are losing retail traders but are filling the gap with Wall Street-style bets Major crypto platforms like Binance are turning to gold, silver, oil and stock-linked products to replace fading retail activity. Jun 6, 2026 Oluwapelumi Adejumo Costs shifted, but the exchange stayed weak In February, Gemini approved a restructuring that included winding down operations in the UK, the European Union, other European jurisdictions, and Australia.

The plan covered up to 200 employees, or about 25% of its workforce at the time. It preserved operations in the US and Singapore. Related Reading Crypto exchange IPOs are back, but Bitcoin still controls the window Public investors are testing whether crypto exchanges can earn through a weak Bitcoin cycle, rather than simply list into a strong one.

Market Impact

May 2, 2026 Andjela Radmilac Some cost progress was visible, although the filing does not isolate it as realized restructuring savings. Employee compensation, benefits and personnel costs, excluding stock compensation and restructuring, fell 20% year over year to $27. Compared with the first quarter, operating expenses improved about 15% and operating loss improved about 18%.

The annual comparison remained weaker. Total operating expenses rose 24% to $122. 4 million, and operating loss widened to $76.

The reset reduced parts of the cost base without restoring consolidated operating performance to last year’s level. The loss measures also moved in different directions. GAAP net loss fell to $107.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.