Gemini Trading Volume Drops 66% as Non-Trading Revenue Surges

• Gemini trading volume fell 66% to $3.8B as exchange revenue dropped 38%.
• Credit card revenue surged 231% as Gemini expanded beyond crypto trading.
• Stocks and prediction markets broaden Gemini’s services as crypto revenue weakens.

Gemini’s trading volume declined in the second quarter as the crypto exchange faced lower customer activity and declining digital asset prices, putting pressure on its traditional revenue base. The trading volume dropped from $11.3 billion a year earlier to $3.8 billion, while exchange revenue fell by 38% to $12.5 million.

At the same time, Gemini increased revenue from credit cards, staking, over-the-counter services, and other financial products, raising questions about how quickly the company can reduce its reliance on crypto trading.

Gemini Trading Volume Falls as Exchange Revenue Shrinks

Gemini’s main exchange recorded a 66% decline in trading volume during the quarter. The reduction came even as monthly transacting users rose 11% year over year, suggesting the decline centered on how much customers traded rather than a drop in active traders.

Platform assets also fell from $18.2 billion to $8.4 billion over the same period. The company attributed the decline to lower cryptocurrency prices, which reduced the value of assets held on the platform. The weaker trading activity pushed exchange revenue down by 38% to $12.5 million.

Credit Cards and Other Services Grow

Gemini’s total revenue moved in the opposite direction, rising by 37% to $45.5 million from $33.3 million a year earlier. Credit card revenue increased by 231% to $16.2 million, while staking revenue reached $4 million, up 50%.

OTC revenue also rose to $4.7 million from $600,000 as institutional client activity increased. However, the revenue gains did not prevent a quarterly net loss of $107.7 million. Gemini recorded a $16.1 million provision for credit card fraud, which affected the results.

The company’s net loss declined from $133.2 million a year earlier. In addition, the operating expenses fell by 15%, providing another offset to the weaker exchange performance.

Is Gemini Becoming Less Dependent on Crypto Trading?

The results show that Gemini is generating a larger share of revenue outside its core exchange business. Credit cards, staking, and OTC services all recorded growth while exchange revenue declined.

Gemini has also expanded into other financial markets. In July, it launched commission-free U.S. stock trading and has explored prediction markets and derivatives infrastructure through federal clearing licenses. The company is also developing a derivatives clearinghouse.

What the Shift Means for Gemini Customers

For existing customers, Gemini’s expansion means the platform now offers services beyond crypto trading, including stocks and credit cards, alongside its existing digital asset products.

The company has also restructured its operations, including a workforce reduction and its decision to stop operating in the U.K., European Union, and Australia while focusing on the U.S. market.

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