Shares of Gemini Space Station (NASDAQ: GEMI), the platform founded by Cameron and Tyler Winklevoss, slipped over 7% following the release of results for the quarter ended June 30, 2026. The digital assets focused company, which now also offers stocks trading, posted a net loss of $107.7 million, an improvement of about 19% from the $133.2 million loss recorded in the same period a year earlier.
Despite this narrowing, the figure underscored persistent profitability pressures for the firm, which has recorded consecutive quarterly losses since its September 2025 initial public offering.
Total revenue climbed 37% year-over-year to $45.5 million, up from $33.3 million.
Growth was driven largely by services and related income, which expanded significantly and helped offset weakness in the core trading business.
Credit card revenue surged 231% to $16.2 million, while staking revenue increased 50% to $4 million.
Over-the-counter activity also contributed positively.
In contrast, exchange revenue dropped 38% to $12.5 million as total trading volume fell sharply to $3.8 billion from $11.3 billion a year earlier, reflecting softer conditions across broader crypto markets.
Prediction markets generated approximately $500,000 in revenue, with the number of event contracts traded rising 93% from the prior quarter.
Monthly transacting users grew 11% year-over-year to around 580,000, though assets on the platform declined 54% to $8.4 billion, influenced by lower crypto valuations and some institutional outflows.
Operating expenses fell 15% sequentially to $122.4 million, contributing to an improved operating loss of $76.9 million, down 18% from the first quarter.
These cost reductions followed earlier workforce adjustments and market exits.
CEO Tyler Winklevoss commented that while the company still has work to do, the quarter’s figures demonstrate progress in cutting operating expenses and broadening revenue streams beyond traditional exchange activity.
The results highlight ongoing efforts to diversify into credit cards, staking, over-the-counter services, and prediction markets amid a challenging trading environment.
The company has continued advancing its platform capabilities, including launching commission-free US stock trading and activating its derivatives clearinghouse.
These steps support a broader strategy aimed at creating a more resilient multi-product offering less dependent on spot crypto volumes.
Adjusted EBITDA showed a larger loss compared with the year-ago period, influenced in part by provisions related to credit card activity and mark-to-market effects on crypto holdings.
Investors reacted to the continued bottom-line shortfall even as top-line growth and sequential expense improvements offered some positive signals.
Shares traded near recent lows in the wake of the report.
Management is expected to provide further details on an earnings call. The combination of revenue diversification progress and explicit recognition of remaining challenges from leadership frames the current phase for the publicly traded crypto platform.
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