Gemini Space Station posts fourth straight quarterly loss as revenue climbs 37%

Four quarters into life as a public company, Gemini Space Station Inc. is threading a needle that a lot of crypto platforms know well: growing the top line while still bleeding red ink at the bottom. The Winklevoss-led exchange reported Q2 2026 revenue of $45.5 million, up 37% from the same period a year earlier. The net loss came in at $107.7 million, or $0.89 per share. That sounds rough, but compare it to the $133.2 million loss in Q2 2025 and the direction of travel becomes a little easier to stomach. Where the growth is coming from, and where it isn’t The 37% revenue gain is real, but it is not coming from trading. Exchange revenue, the business Gemini was built on, dropped 38% year-over-year to $12.5 million as lower crypto trading volumes hit the core product hard. The growth engine is services. That segment surged 149% year-over-year to $23.5 million, driven by credit card rewards programs and expanded staking offerings. Services and interest income combined reached $26.0 million, up 117% from a year ago. On the cost side, Gemini made real progress. Operating expenses fell 15% sequentially to $122.4 million, and the operating loss improved 18% quarter-over-quarter. The comp...