Gemini Reports $107.7M Q2 Loss as Spot Volume Drops 66%

Gemini Space Station reported a net loss of $107.7 million for the second quarter of 2026, marking its fourth consecutive quarterly loss since its September 2025 Nasdaq listing. The cryptocurrency exchange's results, disclosed in an August 13 SEC filing, showed a 19% narrowing of the loss compared to a $133.2 million loss in the same period last year. However, the core trading business faced significant headwinds, with exchange revenue falling 38% year-over-year to $12.5 million as total spot trading volume plummeted 66% to $3.8 billion from $11.3 billion a year earlier.

The company's total revenue grew 37% year-over-year to $45.5 million, driven by a sharp expansion in services revenue. Credit card revenue surged 231% to $16.2 million, while staking revenue increased 50% to $4 million. Services and interest income combined rose 117% to $26.0 million. This diversification helped offset the decline in transaction revenue, which fell 15% to $17.8 million. The company attributed the drop in platform assets, which fell 54% to $8.4 billion, to lower cryptocurrency valuations and select institutional custody outflows.

A significant factor in the quarterly loss was a $20.1 million...