Bitcoin News
By Sakamoto Nashi
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Credit Cards Do the Heavy Lifting. The credit card business is basically what kept total revenue moving upward.
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Restructuring Cuts Jobs but Not All Costs. Earlier this year, Gemini shut down operations in several regions outside the US and Singapore.
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Prediction Markets: Early Days, Small Numbers. Gemini launched a prediction markets product in December 2025.
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Gemini pulled in $45.5 million in second-quarter revenue. That's the headline number. But the real story is where the money came from — and where it didn't.
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Exchange revenue fell 38%, dropping to $12.5 million from $20.2 million the year before. Spot matched trading volume cratered 66%, going from $11.3 billion all the way down to $3.
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The credit card business is basically what kept total revenue moving upward. Gemini's card revenue jumped to $16.2 million from just $4.
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But the card business isn't cheap to run. Gemini booked $16.1 million in credit-loss provisions tied to identity fraud. Total transaction losses climbed to $20.1 million from $3.
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Operating losses widened to $76.9 million, up from $65.4 million the prior year. Total operating expenses rose 24% to $122.4 million. Those aren't small moves.
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Earlier this year, Gemini shut down operations in several regions outside the US and Singapore. Around 200 employees were let go — roughly 25% of the workforce.
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Some of it worked. Employee compensation and benefits costs, excluding stock compensation and restructuring charges, fell 20% year-over-year to $27.9 million.
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Related: Andre Cronje Says DeFi Is Dead in Its Old Form as TVL Craters to $75 Billion
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Year-over-year, though, it's a different story. The 24% rise in total operating expenses to $122.
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The adjusted EBITDA loss widened to $74.0 million from $51.9 million. Gemini's filing says that was mainly because of market-related losses on bitcoin the company received…
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Gemini launched a prediction markets product in December 2025. It's new, it's small, and it brought in $524,000 during the quarter.
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Whether it becomes meaningful is unclear. The segment is early-stage, the revenue contribution is modest, and the competitive landscape for prediction markets has gotten more…
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