Gemini (GEMI) Stock Soars 30% as Credit Card Business Powers Q1 Revenue Beat
Gemini Space Station, Inc. Class A Common Stock, GEMIConsumer Finance Products Drive Revenue Shift While transaction revenue remained steady at $24 million, the composition beneath that figure changed significantly. Revenue from the primary cryptocurrency exchange operations totaled $17.2 million — representing a 27% decline year-over-year. Trading volumes contracted to $6.3 billion from $13.5 billion in Q1 2025, reflecting broader market headwinds in the digital asset space. The companys pivot into consumer financial products began in 2021 with the introduction of its credit card offering. Half a decade later, that strategic decision is delivering substantial returns. However, operational costs also saw significant expansion. Overall expenses increased 73% to $144.5 million during the quarter, propelled by higher compensation costs, marketing expenditures, and credit card-related expenses. The company recorded a net loss of $109 million alongside an adjusted EBITDA loss approaching $60 million. The Winklevoss twins also provided capital support through a $100 million investment via their Winklevoss Capital Fund, executed in Bitcoin, receiving 7.1 million common stock units in return. Prediction Market Gains Traction In a first for the company, Gemini shared performance data for its prediction market platform, which went live in December. The offering has facilitated over 100 million contract trades since inception, attracting more than