Gemini Q4 Revenue Beats Estimates Despite Wider Losses

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, reported stronger-than-expected revenue for the fourth quarter of 2025, even as it deepened its net losses amid a broader market downturn. The company announced the results on Thursday, revealing quarterly revenue of $60.3 million, a 39 percent increase from the previous year and above analyst estimates of $51.7 million. However, Gemini posted a net loss of $140.8 million for the period, wider than the $27 million loss a year earlier, contributing to a full-year deficit of $585 million, up from $156.6 million in 2024.

The performance reflects ongoing challenges in the cryptocurrency sector, where trading volumes have cooled significantly since Bitcoin's peak above $126,000 in October 2025. Gemini's trading volume fell 30 percent quarter-over-quarter to $11.5 billion, pressured by the market slide. Despite this, revenue held firm through optimizations in the fee structure implemented in the latter half of the year, alongside growth in non-trading segments. For the first time, services and interest revenue, which reached $26.5 million in the quarter, surpassed transaction revenue, driven by expansion in...