Latest Gemini earnings expose crypto’s new exchange reality – more total revenue, less crypto trading

Gemini’s second-quarter revenue rose as its credit-card business expanded. But the core exchange shrank, while operating costs and losses remained above last year’s levels after a restructuring that cut about 200 jobs.The company generated $45.5 million in total revenue, up from $33.3 million a year earlier, according to its Aug. 13 quarterly filing. Exchange revenue, however, fell 38% to $12.5 million from $20.2 million.The decline was steeper in activity. Spot matched trading volume on Gemini’s platform fell to $3.8 billion from $11.3 billion, a drop of about 66%. Newer products carried more of the top line while the exchange generated less.Costs shifted, but the exchange stayed weakIn February, Gemini approved a restructuring that included winding down operations in the UK, the European Union, other European jurisdictions, and Australia. The plan covered up to 200 employees, or about 25% of its workforce at the time. It preserved operations in the US and Singapore.Some cost progress was visible, although the filing does not isolate it as realized restructuring savings. Employee compensation, benefits and personnel costs, excluding stock compensation and restructuring, fell 20% y...