Gemini (GEMI) Stock Jumps 30% After Q1 Revenue Beats With Credit Card Surge

TLDR

• Gemini posted $50.3 million in total Q1 2026 revenue, up 42% year over year.
• Credit card revenue surged nearly 300% to $14.7 million, now making up almost half of total revenue.
• Crypto exchange revenue fell 27% to $17.2 million as trading volumes dropped from $13.5 billion to $6.3 billion.
• Gemini stock (GEMI) jumped as high as 30% in after-hours trading on Thursday, reaching $4.92, though it remains down 47% year-to-date.
• The company recorded a net loss of $109 million and reported its prediction market has topped 100 million contracts traded since December.

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Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, reported first-quarter 2026 revenue of $50.3 million — up 42% from $35.3 million a year earlier. The results sent GEMI stock up as much as 30% in after-hours trading on Thursday, hitting $4.92, though the stock is still down 47% year-to-date.

The headline number was driven not by crypto trading, but by credit cards.

Gemini’s credit card revenue hit $14.7 million in Q1 — a 300% jump from the same period last year. Services and interest income as a whole, which includes staking and custodial business, rose 120% year over year to $24.5 million. That’s nearly half of the company’s total revenue.

Gemini Space Station, Inc. Class A Common Stock, GEMI

Credit Cards and Services Take the Lead

Transaction revenue held flat at $24 million, but the mix underneath it shifted. The core crypto exchange business brought in $17.2 million — down 27% year over year. Total trading volume fell to $6.3 billion from $13.5 billion in Q1 2025, as the broader crypto market cooled.

The company started pushing into consumer finance products back in 2021 when it launched its credit card. Five years later, that bet is clearly paying off.

Operating expenses, however, climbed sharply too. Total expenses rose 73% to $144.5 million in the quarter, driven by compensation, marketing, and credit card-related costs. Gemini reported a net loss of $109 million and an adjusted EBITDA loss of just under $60 million.

The Winklevoss brothers also backed the company with a $100 million investment through their Winklevoss Capital Fund, funded in Bitcoin, in exchange for 7.1 million common stock units.

Prediction Markets Make Their Debut

For the first time, Gemini disclosed metrics for its prediction market, which launched in December. The platform has seen over 100 million contracts traded since launch, with more than 20,000 active traders. Revenue from the segment came in at $400,000 — a small number, but the company said April volumes rose 78% from March.

For context, established prediction platforms like Kalshi and Polymarket each regularly see daily volumes of $300,000 to $500,000.

In April, Gemini received a Derivatives Clearing Organization license from the Commodity Futures Trading Commission. That makes it one of only a handful of crypto-native platforms to hold both a Designated Contract Market and a DCO license. The DCO status allows Gemini to handle settlement, collateral, and risk for derivatives products in-house.

President Cameron Winklevoss added that revenue diversification will “only accelerate” as the company moves toward becoming a “full-stack, end-to-end marketplace” for crypto trading, futures, options, and predictions.

By comparison, Coinbase posted $1.41 billion in Q1 revenue — though that was down 31% year over year — with a net loss of $394 million.

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