Coinbase vs Gemini: Revenue, Profit and Business Model
Coinbase reported $7.2B of revenue in FY2025 and $1.3B of net income. Gemini reported $95.8M of revenue in FY2026 and a net loss of $216.7M.
Latest financial snapshot
Financial summary
Coinbase
Coinbase's results track the crypto cycle. Total revenue went from $1.28 billion in 2020 to $7.84 billion in 2021, fell to about $3.1 billion in both 2022 and 2023, then rebounded to $6.56 billion in 2024 and $7.18 billion in 2025, when net income was $1.26 billion. The 2026 downturn reversed that: Q1 revenue was $1.41 billion with a $394 million net loss, and Q2 revenue was $1.22 billion with a $360 million net loss. The cushion is the subscription and services line (USDC income, staking, custody, interest), which was $2.8 billion in 2025 and a record 48% of net revenue in Q2 2026, plus more than $10 billion of cash reported at the end of Q1 2026.
Gemini
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.
Revenue and profit by year
Coinbase
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.3B | 17.6% | +9.4% | Source |
| FY2024 | $6.6B | — | 0.0% | +111.2% | Source |
| FY2023 | $3.1B | — | 0.0% | -2.7% | Source |
| FY2022 | $3.2B | — | 0.0% | -59.3% | Source |
| FY2021 | $7.8B | — | 0.0% | +513.7% | Source |
| FY2020 | $1.3B | — | 0.0% | — | Source |
Where the revenue comes from
Coinbase
- Transaction Revenue
Majority of FY2025
Fees and spreads from consumer and institutional crypto trading, the most cyclical part of the model.
- Subscription and Services
~39% of FY2025
About $2.8 billion in FY2025: USDC stablecoin income, staking, custody, interest, Coinbase One and other services. Reached 48% of net revenue in Q2 2026.
- Institutional Custody and Prime
Included in services and transaction mix
Custody, execution, financing, and institutional platform services for asset managers, ETF sponsors, hedge funds, and corporate clients.
- Onchain and Developer InfrastructureEmerging
Products tied to Base, Coinbase Cloud, wallets, developer tools, and onchain application infrastructure.
Gemini
No segment breakdown is published.
Business model and strategy
Coinbase
How it makes money
Coinbase has two revenue lines. Transaction revenue comes from fees and spreads on consumer and institutional crypto trades and is the most cyclical part of the business. Subscription and services revenue includes stablecoin income from its USDC arrangement with Circle, staking rewards it shares with users, custody fees (including for most U.S.
Growth strategy
Coinbase's growth plan is to become an 'everything exchange' and onchain infrastructure provider. Pillars include derivatives (Deribit, acquired in 2025 for about $2.9 billion, plus U.S. futures), USDC stablecoin distribution and payments, institutional custody and prime brokerage, Base as a low-cost Ethereum layer-2 network, and newer products such as prediction markets and tokenized equities.
Competitive advantage
Coinbase's edge is regulated trust at scale. It is a U.S.-listed, audited company in the S&P 500, holds licenses across U.S. states including New York's BitLicense, and was chosen as custodian by most U.S. spot Bitcoin ETF issuers, including BlackRock. That standing matters most to institutions, which need a compliant counterparty, and to retail users who remember the 2022 FTX collapse.
Gemini
How it makes money
Gemini earns revenue in three main buckets. Transaction revenue comes from fees on retail and ActiveTrader trades plus its OTC desk; in Q2 2026 exchange revenue fell 38% year over year to $12.5 million as crypto markets cooled. Services revenue, which more than doubled to $23.5 million in Q2 2026, includes the Gemini Credit Card (interchange), staking, custody fees and stablecoin-related income.
Growth strategy
After expanding into Europe and Asia between 2021 and 2025, Gemini reversed course in February 2026, exiting the UK, EU and Australia to concentrate on the US. Growth now centers on prediction markets, the Gemini Credit Card, staking and OTC services, funded partly by the founders' $100 million investment in May 2026.
Competitive advantage
Gemini's main edge is regulatory standing: a New York trust charter supervised by NYDFS, SOC 1 and SOC 2 Type II examinations, and a long record of compliance-first positioning that appeals to institutions and cautious retail users.
Questions about Coinbase vs Gemini
Which company has higher revenue — Coinbase Global or Gemini?
Coinbase Global reported $7.2B (FY2025), while Gemini reported $95.8M (FY2026). By last reported revenue, Coinbase Global is the larger business, with Gemini reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Coinbase Global vs Gemini?
Coinbase Global's market capitalisation stands at $52.6B, while Gemini's is $620M. Coinbase Global carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Gemini.
Which is more financially efficient — Coinbase Global or Gemini?
Coinbase Global generates $1.45M / employee in revenue per employee, while Gemini generates $160k / employee. Coinbase Global shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Coinbase Global and Gemini make money?
Coinbase Global and Gemini generate revenue in fundamentally different ways. Coinbase Global: Coinbase has two revenue lines. Gemini: Gemini earns revenue in three main buckets.
Which company is valued higher relative to revenue — Coinbase Global or Gemini?
On a price-to-sales (P/S) basis, Coinbase Global trades at 7.3x P/S and Gemini at 6.5x P/S. Coinbase Global commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Gemini. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Coinbase Global bigger than Gemini?
By last reported revenue, Coinbase Global ($7.2B (FY2025)) is the larger company compared to Gemini ($95.8M (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Coinbase vs Gemini overview