Gemini Space Station Inc
What Do They Do?
Runs a cryptocurrency platform where individuals and institutions trade crypto assets, use custody and staking services, and trade event contracts.
10-K for FY2025, filed Mar 31, 2026Since our founding, we have expanded from a core crypto exchange into a more comprehensive platform for engaging with not only the…View ↗
In December 2025, we launched Gemini Predictions™, a U.S. Commodity Futures Trading Commission (“CFTC”)-regulated prediction markets…View ↗
Retail: We often serve as a primary gateway for individual retail users into the cryptoeconomy. We provide a user-friendly, secure platform…View ↗
How Do They Make Money?
Gemini earns most of its revenue from fees on trades by retail and institutional users, charged when trades execute. It also earns fees from custody, staking, withdrawals and credit-card activity, plus interest on dollar balances and stablecoin reserves.
10-K for FY2025, filed Mar 31, 2026We generate revenue primarily from transaction fees on trading volume across our retail and institutional platforms, as well as fees from…View ↗
Transaction Fees: We earn fees on trading volume across our retail and institutional exchange and OTC platforms. Fee rates vary based on…View ↗
The Company's performance obligation is to provide a crypto asset matching service that enables customers to buy, sell, or trade crypto…View ↗
The Gemini Credit Card program generates interest, fees and interchange income related to credit card activity. The Company earns interest…View ↗
The Company offers customers a feature allowing transfers of specific assets for staking and, as a result, the opportunity to receive…View ↗
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$179.6M
-
10-K for FY2025, filed Mar 31, 2026
$179.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Net revenue
Usage-based
10-K for FY2025, filed Mar 31, 2026 |
97% |
Net revenue, FY2025
$174.1M Sources
|
Usage-based |
|
Other revenue
|
3.1% |
Other revenue, FY2025
$5.5M Sources
|
Who Are Their Customers?
Retail users buy, sell, store and stake crypto through Gemini's platform and mobile app; institutional investors access crypto markets through exchange, OTC trading and custody services.
10-K for FY2025, filed Mar 31, 2026
Do Revenues Turn Into Profits?
No. It lost $582.8M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$345.7MView ↗
10-K for FY2025, filed Mar 31, 2026
−$582.8MView ↗
10-K for FY2025, filed Mar 31, 2026
−$220.1MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$107.7MView ↗
- ▼ −19% (Loss)
- vs −$133.2M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
Growing.
Revenue grew 83% in 2 years, from $98.1M in FY2023 to $179.6M in FY2025, about 35% a year.
10-K for FY2025, filed Mar 31, 2026
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