Gemini
Financial Performance
Gemini Revenue & Financials
Revenue
$95.8M (FY2026, partial period)
Market Cap
$620M
Employees
600
What is Gemini's revenue?
Gemini's latest revenue figure is $95.8M (2026). This is a partial-period figure covering less than a full fiscal year, not audited fiscal-year revenue.
- Latest revenue
- $95.8M (FY2026, partial period)
- Year-over-year
- -46.7%
- Growth rate (CAGR)
- -0.8% over 3 years
- Peak revenue
- $179.6M (FY2025)
- Years of data
- 4
- Employees
- 600
- What is Gemini's operating income?
- Gemini reported an operating loss of $345.7M for fiscal year 2025. sec.gov
- How many employees does Gemini have?
- Gemini has about 600 employees.
Financial Analysis
Gemini's SEC filings show total revenue of $98.1 million in 2023, $142.2 million in 2024 and $179.6 million in 2025, while net losses were $319.7 million, $158.5 million and $582.8 million respectively. In 2026, Q1 revenue rose 42% to $50.3 million with a $109.0 million net loss, and Q2 revenue rose 37% to $45.5 million with a $107.7 million net loss. Operating expenses fell 15% sequentially to $122.4 million in Q2 2026 as cost cuts took hold, though adjusted EBITDA loss was $74 million. The company's market capitalization was about $620 million in mid-September 2026, versus roughly $3.3 billion fully diluted at the IPO price. Gemini Trust Company, LLC is a highly regulated cryptocurrency exchange and custodian, previously valued at approximately $7 billion in private funding rounds.
Revenue Trend Analysis
YoY Change
-46.7%
3-Year CAGR
-0.8%
Peak Year
2025
Trend
Mostly Growing
Gemini has 4 full fiscal year figures on this page, compounding at -0.8% annually over 3 years. The most recent year saw a 46.7% decline versus the prior year. Annual revenue peaked in fiscal year 2025 at $179.6M. Of 3 comparable year-over-year steps, 2 showed growth and 1 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2026partial period | $95.8M | — | -$216.7M | -46.7% | Gemini Q1 and Q2 2026 earnings releases First half 2026 only (Q1 $50.3M + Q2 $45.5M revenue). |
| FY2025 | $179.6M | -$345.7M | -$582.8M | +26.3% | Gemini Space Station annual report (SEC EDGAR), filed 2026-03-31 Fiscal year ended 2025-12-31. |
| FY2024 | $142.2M | -$165.8M | -$158.5M | +44.9% | Gemini Space Station annual report (SEC EDGAR), filed 2026-03-31 Fiscal year ended 2024-12-31. |
| FY2023 | $98.1M | -$311.6M | -$319.7M | — | Gemini Space Station annual report (SEC EDGAR), filed 2026-03-31 Fiscal year ended 2023-12-31. |
Click any row to see year details.
Gemini balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
Keep researching Gemini
Gemini Revenue and Financial FAQ
What is Gemini's typical revenue and trading volume scale?
Gemini generates hundreds of millions in annual net revenues across trading fees, custody, and interest income, processing tens of billions of dollars in annual spot cryptocurrency trading volume, with financial results scaling with broader crypto market cycles.
What private market valuations and venture capital funding has Gemini achieved?
In November 2021, Gemini completed a $400 million growth equity funding round led by Morgan Creek Digital with participation from 10T Holdings, ParaFi Capital, and Commonwealth Bank of Australia, valuing Gemini at $7.1 billion.
How do cryptocurrency market cycles (bull and bear markets) impact Gemini's financials?
Gemini's trading fee revenue is highly correlated with cryptocurrency volatility and price appreciation. During market bull runs (Bitcoin halving cycles), trading volumes and new account onboarding surge, while bear markets shift focus to stable custody and GUSD yield.
What was the financial impact of the 2024 Genesis settlement on Gemini's balance sheet?
As part of the May 2024 resolution, Gemini contributed $50 million in cash to ensure all Gemini Earn users received a complete 100% in-kind recovery of their cryptocurrency assets (over $2.18 billion in total value), resolving major operational liabilities.
What are Gemini's primary operational expenditure categories?
Gemini's major expenses include blockchain engineering and software R&D, bank-grade compliance and legal regulatory teams, cloud security infrastructure (AWS), cybersecurity insurance premiums, and global marketing.
How does Gemini maintain liquidity and capital reserves under NYDFS regulations?
Under NYDFS trust charters, Gemini is legally required to hold substantial corporate surplus capital reserves, maintain unencumbered liquid operating funds, and segregate 100% of customer fiat and digital assets from corporate operational accounts.
What is Gemini's institutional assets under custody (AUC) scale?
Gemini stores tens of billions of dollars in digital assets within Gemini Custody, serving as a trusted institutional vault for prominent blockchain protocols, publicly traded corporations, and institutional wealth managers.
What are Gemini's long-term capital strategy and IPO considerations?
With its strong regulatory trust structure, audited financials, and global brand, Gemini remains well-positioned by financial analysts for an eventual initial public offering (IPO) or growth equity expansion as digital asset regulation matures.
Did Gemini lose money in the crypto crash?
Yes, massively. In 2022, their "Gemini Earn" program suffered a catastrophic blow. Gemini had partnered with Genesis Global Capital to lend out customer funds. When Genesis suddenly went bankrupt following the FTX collapse, nearly $1 billion of Gemini customers' money was frozen, resulting in massive, highly public lawsuits.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Gemini Revenue & Financials." CorpDigest, https://corpdigest.com/company/gemini/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Gemini reported $95.8M as its latest revenue figure (2026, partial period, not audited fiscal-year revenue).</strong><br>Source: <a href="https://corpdigest.com/company/gemini/financials" target="_blank" rel="noopener">CorpDigest — Gemini financials</a></div>Related Financial Audits
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