Gemini posts $107.7M Q2 loss as spot volume drops 66%

Gemini Space Station reported a $107.7 million net loss for the second quarter ended June 30, extending its run to four consecutive quarterly losses since its September 2025 Nasdaq listing. Summary Gemini reported a $107.7 million Q2 net loss, its fourth consecutive quarterly loss since IPO. Total revenue rose 37% year over year to $45.5 million, led by expanding services revenue. Spot trading volume fell 66% year over year to $3.8 billion amid weaker crypto markets. Credit card revenue jumped 231% to $16.2 million while total transaction losses reached $20.1 million. Assets on platform declined 54% to $8.4 billion, reflecting valuations and select institutional custody outflows. Revenue rose 37% year over year to $45.5 million, but the exchange’s core spot trading business weakened sharply as total volume fell to $3.8 billion from $11.3 billion a year earlier. The company’s Aug. 13 SEC filing showed the loss narrowed 19% from $133.2 million in Q2 2025. Gemini’s operating loss was $76.9 million, improving 18% from the first quarter, while operating expenses declined 15% sequentially to $122.4 million. The reduction followed February workforce cuts and exits from several internation...