Gemini, the crypto exchange founded by billionaire twins Cameron and Tyler Winklevoss, is still struggling to turn growing revenue into profits.
The company reported a $107.7 million net loss in the second quarter of 2026, marking its fourth consecutive quarterly loss. The loss was still smaller than the $133.2 million loss recorded in the same quarter last year, suggesting the company has made some progress in cutting the size of its losses.
Revenue, meanwhile, moved in the opposite direction. Gemini’s revenue jumped 37 percent year over year to $45.5 million, up from $33.3 million a year earlier.
The increase points to stronger business activity even as the company continues to spend heavily on expansion.
That leaves Gemini in a somewhat awkward position: the business is growing, but the bottom line remains deeply in the red.
Gemini looks beyond crypto exchange roots
The company has been working to move beyond its image as simply a crypto exchange. Gemini has been adding new products and services as it tries to build a broader financial platform that can compete with traditional financial companies as well as other crypto firms.
That expansion comes with costs. Gemini has invested in new products, technology and regulatory capabilities while also trying to grow its presence among institutional and retail customers. The company has also gone through restructuring efforts aimed at bringing expenses down.
There have been some signs that the strategy is beginning to gain traction.
In the first quarter of 2026, Gemini reported revenue of $50.3 million, up 42% from the same period a year earlier. However, it still recorded a $109 million net loss for the quarter.
The company has also been pushing further into traditional financial services.
In July, Gemini launched commission-free stock trading, giving customers access to equities alongside its existing crypto products. The move is part of a broader attempt to make Gemini a one-stop financial platform rather than a business focused entirely on digital assets.
Regulatory expansion has been another part of that strategy
Gemini received approval for a Derivatives Clearing Organization license from the Commodity Futures Trading Commission in April. The license allows the company to operate as a clearinghouse for regulated derivatives trading.
The Winklevoss twins have also continued to back the company financially. In May, Winklevoss Capital invested $100 million in Gemini, purchasing shares at $14 each with bitcoin.
That investment was another sign that the founders remain confident in Gemini’s long-term prospects despite the company’s losses.
Still, investors appear to want to see more than revenue growth.
Gemini’s shares fell roughly 6 percent in after-hours trading following the results, suggesting the latest numbers did not fully convince the market.
The central question for Gemini is now fairly straightforward: can it keep growing without allowing expenses to grow just as quickly?
The 37 percent increase in revenue is certainly encouraging. And the smaller year-over-year loss suggests the company is moving in the right direction.
But four straight quarters of losses show that Gemini’s transformation into a broader financial platform is still a work in progress.
For the Winklevoss twins, the challenge now is turning that growth into something investors can ultimately measure on the bottom line: profit.
