Gemini posts loss for fourth consecutive quarter

Crypto exchange Gemini, founded by billionaires Tyler and Cameron Winklevoss, is reporting losses again. The company posted a net loss of $107.7 million in the second quarter of 2026, its fourth consecutive loss-making quarter since going public.

In brief:

• Gemini suffered a loss of $107.7 million in Q2 2026, higher than analysts expected.
• Revenue rose 37% year-on-year to $45.5 million, but total assets on the platform fell 54%.
• The company is seeking new revenue sources through prediction markets and equity trading.

Loss higher than expected

According to figures reported by Bloomberg, the loss works out at 89 cents per share. That is more than analysts had on average expected. A year earlier, in the same quarter, the loss was $133 million, so there is improvement on that front.

Revenue grew 37% year-on-year to $45.5 million, which came in higher than expected. However, that is offset by a sharp decline in total assets on the platform: they fell 54% to $8.4 billion. Gemini attributes this to lower crypto prices and the departure of institutional custody clients. The operating loss narrowed 18% compared with the previous quarter, while total operating costs fell to $122.4 million.

Diversification through new markets

To become less dependent on traditional crypto trading, Gemini is focusing on new services. The company is expanding into prediction markets and equity trading. The prediction markets already generated $500.000 in Q2, which is still modest but shows the company is actively seeking alternative revenue. The rise of tokenised stocks fits into the broader trend of crypto exchanges expanding their offering towards traditional financial products.

Gemini went public last year, shortly before the crypto market fell back from record highs. Since then, its financial results have remained negative every quarter. Whether the expansion into new markets is enough to turn the tide will become apparent in the coming quarters.