Gemini revenue increased considerably in the first quarter of 2026 as the cryptocurrency firm expanded its operations to include financial services beyond cryptocurrencies. For Q1, Gemini recorded revenues totaling $50.3 million, reflecting 42% growth compared to the corresponding period in the previous year amid low trading volumes on crypto exchanges.
The firm, founded by Cameron Winklevoss and Tyler Winklevoss, said its growing financial services business played a major role in the company’s quarterly performance.
While Gemini’s income saw an upward trajectory, the business unit witnessed a drop-off in exchange operations. Income from transactions was relatively stagnant at $24 million, but crypto exchanges saw their income fall by 27% year-on-year to $17.2 million.
The trading volumes on Gemini also decreased significantly, dropping from $13.5 billion in Q1 2025 to $6.3 billion in the most recent quarter.
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Gemini Revenue Boosted by Credit Card Growth
Gemini’s credit card business was the major contributing factor to Gemini’s growing revenue stream, as its credit card revenue grew almost 300 percent to $14.7 million with increased customer numbers using their Gemini Credit Card.
Gemini ventured into the financial services industry for the first time in 2021 with products for consumers, including crypto reward credit cards. Over time, Gemini revenue has continued to emphasize providing non-crypto exchange services.
According to the company, services and interest income form almost half of the total revenue, which indicates the criticality of the diversification strategy for Gemini’s revenue generation.
Gemini President Cameron Winklevoss stated that the company expects the momentum from its diversified business strategy to continue growing in future quarters.
This is part of an overall trend in the cryptocurrency sector. Coinbase has ventured into stock and ETF trading, whereas Kraken has concentrated its efforts on derivatives trading and M&A activities centered around non-cryptocurrency securities products.
In addition to increased revenue from Gemini, the company also noted a substantial rise in expenditures. Operating expenditures grew by 73%, reaching $144.5 million for the quarter.
Gemini cited the following reasons behind the growth in expenditure: higher labor costs, marketing expenses, and expenditures related to the company’s expansion into credit cards.
Because of increased expenses, the adjusted EBITDA loss was reported at about $60 million in Q1. There was also a $100 million strategic investment made in Gemini by Winklevoss Capital, which is funded by Bitcoin for 7.1 million common shares.
Gemini Expands Into Derivatives and Financial Services
April of 2026 witnessed Gemini revenue getting licensed by the Commodity Futures Trading Commission as a Derivatives Clearing Organization, thereby becoming one of the select crypto-native firms in the United States holding licenses for Designated Contract Market as well as DCO.
The firm claims that the new license represents progress toward its goal of becoming a complete financial market platform, providing cryptocurrency trading, derivatives, predictions, and much more.
Following the earnings announcement, shares of Gemini (GEMI) gained 6.9% in the extended session and closed at $4.92, even though the stock is down 47% year to date, according to Google Finance.
Recently, Coinbase announced its first-quarter revenue at $1.41 billion, down 31% year-on-year, while reporting a net loss of $394 million. The company highlighted that derivatives, stablecoins, and prediction markets have been driving growth, compensating for low crypto trading volumes.
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