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 weak

In 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.

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