In the first quarter of 2026, Gemini's revenue soared by 42% year-over-year, reaching a total of $50.3 million. This upturn was largely influenced by a nearly 300% surge in credit card revenue, amounting to $14.7 million, which was attributed to the growing user base of the Gemini Credit Card. Despite this growth, the company saw its crypto exchange revenue decline 27% from the previous year, totaling $17.2 million, due to decreased trading activity in the crypto market.
The financial services expansion that began in early 2021 has turned into a significant revenue contributor, with services and interest income now comprising nearly half of Gemini's total revenue. Operating expenses also rose sharply, climbing 73% to $144.5 million in the same quarter, primarily driven by costs related to compensation and marketing. Gemini’s president, Cameron Winklevoss, indicated that the company anticipates continued momentum in diversifying its revenue streams.
In contrast to Gemini's developments, other crypto exchanges are also diversifying their offerings. For example, Coinbase is pursuing stock and ETF trading, while Kraken has made acquisitions to venture into regulated derivatives markets.