Gemini reports $50M in Q1 revenue and lands $100M bitcoin investment

Gemini brought in $50.3 million in Q1 revenue, up 42% from the same stretch last year, and announced a $100 million investment from Winklevoss Capital Fund paid entirely in bitcoin.

Shares jumped as much as 30% in after hours trading. The quarter also marked the first time Gemini broke out operating metrics for its prediction markets business, which went live in December 2025.

Credit card income triples while exchange volumes collapse

The exchange services and interest revenue climbed 122% year over year to $24.5 million, now making up 49% of total revenue compared with 31% a year earlier.

The Gemini Credit Card revenue hit $14.7 million, almost triple the year-ago figure. The company added about 13,100 new cardholders during the quarter, more than double the ~6,000 sign ups in Q1 2025. Managed card receivables grew from $69 million to $217 million over the same period

Exchange revenue, meanwhile, dropped 27% to $17.2 million as spot trading volumes fell off a cliff. Total trading volume on the platform declined to $6.3 billion from $13.5 billion in Q1 2025.

OTC revenue partially made up for the drop, jumping to $6.3 million from just $100,000 a year earlier. Bigger institutional trades and the expansion of Gemini’s electronic OTC platform helped.

Gemini’s prediction markets generated $400,000 in revenue during Q1. 20,000+ users have traded on the platform, with over 100 million contracts executed since December.

For reference, Kalshi and Polymarket each regularly process daily volumes between $300,000 and $500,000.

Gemini said April prediction market volume rose an additional 78% from March.

Winklevoss twins go all in with bitcoin

Winklevoss Capital purchased 7,142,857 shares of Gemini Class A common stock at $14 per share, funded in bitcoin.

Tyler Winklevoss, Gemini’s CEO, said in the earnings release that the market has significantly undervalued Gemini and that the capital would support the company’s shift from a crypto company into a markets company.

That change gained regulatory backing in April when Gemini received a Derivatives Clearing Organization license from the CFTC. Cameron Winklevoss, the company’s president, said the license moves Gemini closer to offering futures, options, and perpetual contracts.

Gemini’s losses shrink but still hit nine figures

Gemini posted a net loss of $109 million. That’s an improvement from $149.3 million a year earlier, but still a deep hole.

Total operating expenses rose 73% to $144.5 million, driven by compensation (up 91%), marketing (up 111%), and credit card portfolio costs including a $4.6 million provision for credit losses and a $4.1 million fraud reserve.

Gemini completed a reduction in force during the quarter. Excluding stock compensation and severance costs, cash compensation expenses rose just 6% year over year to $34.8 million.

Adjusted EBITDA improved modestly to negative $59.9 million from negative $61.6 million in Q1 2025. The exchange’s monthly transacting users reached 589,000, up 17% from a year ago.

Assets on the platform totaled $11.1 billion, down from $14.2 billion a year earlier due to lower crypto valuations.

In February 2026, the company announced Gemini 2.0, a restructuring that included exiting the UK, EU, and Australian markets and cutting 25% of its workforce. The stock fell nearly 9% on that news, according to a class-action complaint filed in New York’s Southern District alleging the company misled investors ahead of and after its September 2025 IPO.

Several analysts downgraded the stock in the wake of that restructuring. Evercore ISI cut its rating to in-line and halved its price target to $10, while Truist moved to hold and lowered its target to $7, citing concerns about solvency after the international exit.

Wednesday’s results and the Winklevoss capital injection appear aimed at resetting that narrative.

Investors will be watching whether the credit card and derivatives businesses can sustain enough growth to close the gap on $144.5 million in quarterly operating costs.