Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, experienced a notable rally following its financial disclosure for the fourth quarter. The company reported a 39% increase in quarterly revenue compared to the same period last year, reaching $60.3 million, surpassing analyst estimates of $51.7 million. Despite this revenue growth, Gemini also reported a significantly widened net loss of $140.8 million for the quarter, compared to a $27 million loss in the previous year. The company’s full-year losses for 2025 totaled $585 million, a substantial increase from the $156.6 million loss recorded in 2024.
The company’s leadership highlighted that Q4 marked its highest revenue in three years, even amid declining trading volumes. The revenue improvement is attributed to strategic adjustments — including a refined fee structure implemented in the latter half of the year and increased adoption of credit card services. Market reaction to the earnings was positive; shares initially rose by approximately 14% after hours, reaching a high of $6.83 before settling at around $6.36, representing a 5.8% gain by the close of trading.
This financial report is Gemini’s second since going public in September. The quarter’s results come in the context of a challenging broader crypto market, with Bitcoin ’s price declining sharply from its record highs above $126,000 seen in October 2025. The company has also announced strategic cuts, reducing its global workforce by roughly 30% in early 2026. The layoffs follow the company’s decision to withdraw from markets including the UK, the European Union, and Australia, citing difficult market conditions, and are partly driven by the increased integration of artificial intelligence into operations — an area where Gemini is aiming for near-total automation of code development.
Looking ahead, Gemini plans to intensify its focus on the US market, emphasizing the development of its prediction market and credit card services. The company intends to expand its prediction offerings and leverage its infrastructure, once regulatory approval is obtained, to develop perpetual futures contracts. The management’s renewed emphasis on domestic growth reflects confidence in a more favorable regulatory stance in the United States.
