Gemini Shares Plunge as Crypto Exchange Reports Net Loss

Gemini's shares plummeted over 7% in after-hours trading on August 13, 2026, following the release of its second-quarter financial report. The crypto exchange reported a net loss of $107.7 million, despite revenue growth of 37%. This decline is a significant decrease from the same period last year, when Gemini recorded a net loss of $133.2 million.

Gemini's CEO, Tyler Winklevoss, acknowledged that the company still has work to do in reducing operating expenses while diversifying revenue streams. The exchange generated $45.5 million in total revenue for the quarter, up from $33.3 million a year earlier. Credit card revenue jumped 231% to $16.2 million, and staking revenue grew 50% to $4 million.

However, exchange revenue fell 38% to $12.5 million due to a decline in trading volume. Gemini's prediction market generated only $500,000 in revenue during the quarter, but saw a significant increase in event contracts traded on the platform, up 93% from the first quarter.