Gemini vs Kraken: Revenue, Profit and Business Model
Gemini had $95.8M of annual revenue in FY2026 and a net loss of $216.7M. Kraken had $2.2B of annual revenue in FY2025.
Latest financial snapshot
Financial summary
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. Gemini Trust Company, LLC is a highly regulated cryptocurrency exchange and custodian, previously valued at approximately $7 billion in private funding rounds.
Kraken
Payward, Kraken's parent, reported adjusted revenue of $2.2 billion in 2025 (up 33%) and adjusted EBITDA of $531 million on $2.0 trillion of platform volume. Growth slowed in 2026: Q2 adjusted revenue rose 17% to $508 million while adjusted EBITDA fell to $23 million as spot volumes dropped. Kraken is one of the world's oldest and largest cryptocurrency exchanges, achieving a massive private market valuation estimated at over $10 billion.
Revenue and profit by year
Gemini
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $95.8M | -$216.7M | -226.2% | -46.7% | Source |
| FY2025 | $179.6M | -$582.8M | -324.6% | +26.3% | Source |
| FY2024 | $142.2M | -$158.5M | -111.5% | +44.9% | Source |
| FY2023 | $98.1M | -$319.7M | -325.7% | — | Source |
Kraken
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | — | — | +46.7% | Source |
| FY2024 | $1.5B | — | — | +123.5% | Source |
| FY2023 | $671M | — | — | — | Source |
Where the revenue comes from
Gemini
- Transaction revenue
$12.5 million (Q2 2026)
Fees on retail and ActiveTrader trades and the OTC desk. Down 38% year over year as crypto markets cooled.
- Services revenue
$23.5 million (Q2 2026)
Gemini Credit Card interchange, staking, custody fees and stablecoin-related income. More than doubled year over year.
- Interest income
Not formally reported
Interest on customer cash and reserves. Total revenue was $179.6 million in 2025.
Kraken
- Transaction Fees
~47% of 2025 adjusted revenue
Maker-taker fees on Kraken Pro and spreads on simple retail purchases.
- Derivatives
Not formally reported
Crypto futures through Kraken Futures, plus US futures and options through NinjaTrader and Bitnomial.
- Asset-Based Income
Not formally reported
Staking commissions, interest and financing on customer balances, and custody fees on about $40-50 billion of platform assets.
- Institutional and B2B Services
Not formally reported
OTC block trading, prime services and infrastructure that partner firms build on via APIs.
Business model and strategy
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.
Kraken
How it makes money
Kraken earns money in four main ways. 1. Transaction fees: maker-taker fees on Kraken Pro and spreads on simple retail purchases, which made up roughly 47% of 2025 adjusted revenue. 2. Derivatives: crypto futures through Kraken Futures plus US futures and options through NinjaTrader and Bitnomial. 3.
Growth strategy
Kraken has grown beyond spot crypto trading into derivatives, through Kraken Futures and US futures and options via NinjaTrader and Bitnomial, and into services for institutions such as OTC trading, prime services and API infrastructure. It has also pursued regulatory licences in Europe so that it can operate there as a regulated financial institution.
Competitive advantage
Kraken's advantage is its reputation for security. In an industry with a history of exchange hacks and fraud, Kraken has built a long record without a major security breach, and its co-founder Jesse Powell made security a priority from the start. That record matters to institutional investors, who look for trusted infrastructure when they place large orders.
Questions about Gemini vs Kraken
Which company has higher revenue — Gemini or Kraken?
Gemini had $95.8M (FY2026), while Kraken had $2.2B (FY2025). By latest annual revenue, Kraken is the larger business, with Gemini showing 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 Gemini vs Kraken?
Gemini has a market capitalisation of $620M. A public market cap figure for Kraken was not available (it may be privately held).
How does revenue per employee compare for Gemini and Kraken?
Gemini has $160k / employee in revenue per employee, while Kraken has $846k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Gemini and Kraken make money?
Gemini and Kraken generate revenue in fundamentally different ways. Gemini: Gemini earns revenue in three main buckets. Kraken: Kraken earns money in four main ways.
Is Gemini bigger than Kraken?
By last reported revenue, Kraken ($2.2B (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 Gemini vs Kraken overview