Gemini Space Station, Inc.

Q1 2026 revenue was $50.3 million, up 42% year over year. Exchange revenue was $17.2 million, down 27% year over year, while spot trading volume fell 53% to $6.3 billion. Total operating expenses were $144.5 million, up 73% year over year, including $24.2 million of stock-based compensation and $6.5 million of severance. Net loss was $109 million, an improvement of 27% year over year, and adjusted EBITDA loss was $59.9 million. Monthly transacting users were 589,000, up 17% year over year. For guidance, management did not provide formal next-quarter or full-year financial targets in the transcript, but it said it expects to keep building out predictions, crypto, credit card rewards, and eventually stocks, while noting it is positioned for future U.S. derivatives products if permitted.

Cameron Winklevoss framed Gemini as evolving from a Bitcoin and crypto company into a broader “markets company” and “super app for the markets economy.” He highlighted the predictions marketplace, the DCM and DCO licenses, and the push toward stocks and other future products, saying Gemini is building a foundation for multiple markets verticals. His tone was assertive and defensive about valuation, stressing that the stock is undervalued and that the company is acting offensively with the $100 million founder investment.

Danijela Stojanovic focused on the operating mix and capital position. She said services revenue and interest income reached 49% of total revenue, up from 31% in Q1 2025, and that credit card performance was solid with a 3.8% delinquency rate and pre-provision net revenue of $3.8 million, up 150% year over year. She also noted the $8.6 million provision for credit losses included a $4.1 million discrete fraud event, said OTC benefited from volatility and new institutional clients, and reported staking revenue down 31% because of lower crypto prices and moderated yields; the company ended with $215.6 million in liquidity.

Analysts pressed on the rationale for the $100 million founder investment, and Cameron Winklevoss said Gemini stock is undervalued and the business has new assets such as the prediction marketplace and DCM/DCO licenses. Questions also focused on prediction market traction, where management said 3.4% of the user base has traded, April volume rose 78% month over month, and about half the volume is crypto contracts. On credit cards, management said the portfolio is performing in line with expectations, the higher provision reflected a non-recurring fraud event, and fraud controls have been strengthened. There were also questions on CLARITY Act timing and OTC/staking, with management saying it welcomes a federal framework and that staking has been improved through Staking 2.0.