Gemini, the crypto exchange, reported second-quarter results on an 8-K dated August 13, and the two headline numbers point in opposite directions [1]. Total revenue grew 37% year over year to $45.5 million, from $33.3 million [1]. Total trading volume, meanwhile, fell to $3.8 billion from $11.3 billion a year earlier, a drop of about two-thirds [1].
How does an exchange make more money while trading less? The revenue moved off the trading desk. Exchange revenue, the fees on that shrinking volume, fell 38% to $12.5 million [1]. Services revenue, a different line, rose 149% to $23.5 million from $9.5 million [1]. Inside services, credit-card revenue jumped 231% to $16.2 million and staking revenue rose 50% to $4.0 million [1].
The composition tells the story the top line hides. A year ago the exchange fee was the business; this quarter the credit card is the largest single revenue line the company named, bigger than the exchange fees it was built on. That is a payments-and-staking company growing inside a crypto-exchange shell, and it is growing precisely as the exchange itself shrinks.
None of it is profitable yet. Net loss narrowed 19% to $107.7 million, from $133.2 million a year earlier [1]. Per share the loss was 89 cents, against $27.08 in the second quarter of 2025 [1], a comparison distorted by the share count around last year's listing rather than by any thirty-fold operational improvement.
The stakes for a Gemini shareholder are whether a $45.5 million revenue quarter that still loses $107.7 million [1] is a pivot or a plateau. The company keeps more of the customer who swipes a Gemini credit card than the one who used to trade, and the trader is leaving: $11.3 billion of volume became $3.8 billion in a year [1]. The real story is a business quietly changing what it sells while its original product contracts.
