Shares of crypto exchange Gemini climbed in after-hours trading after the company posted stronger-than-expected fourth-quarter results, with revenue growth fueled by credit card adoption and adjustments to its fee structure.
Gemini reported Q4 revenue of $60.3 million on Thursday, up 39% year-over-year and above analyst estimates of $51.7 million.
Despite the revenue beat, the firm posted a net loss of $140.8 million for the quarter, widening from a $27 million loss a year earlier. For the full year 2025, Gemini recorded a total loss of $585 million, significantly higher than its $156.6 million loss in 2024.
In a shareholder letter, co-founders Cameron and Tyler Winklevoss said the fourth quarter marked Gemini’s strongest revenue performance in three years. They noted that the gains came despite declining trading volumes, attributing the improvement to “deliberate fee structure adjustments” made in the latter half of the year.
Gemini (GEMI) shares initially surged as much as 14% in after-hours trading to $6.83 before trimming gains to close at $6.36, up 5.8% after finishing the regular session roughly flat at $6.
These results mark Gemini’s second earnings report since going public in September and come against the backdrop of a broader crypto market downturn in late 2025, during which Bitcoin fell sharply from its all-time high above $126,000 in October to around $70,000.
Gemini cuts workforce and exits key markets
In February, Gemini announced plans to withdraw from the UK, the EU, and Australia, citing difficult market conditions. The company also revealed intentions to reduce its workforce, ultimately cutting roughly 30% of staff since the start of 2026—partly driven by increased adoption of artificial intelligence.
In their shareholder letter, Cameron and Tyler Winklevoss said AI is now used in more than 40% of the company’s production code changes, with expectations that this could approach 100% in the near future. They noted that not using AI at Gemini would soon be like “showing up to work with a typewriter instead of a laptop.”
The brothers added that Gemini’s strategy for the year is to focus more heavily on the US market, expressing optimism about a more favorable regulatory environment for crypto.
Prediction markets and credit cards in focus for 2026
Gemini launched its in-house prediction market platform, Gemini Predictions, across all 50 US states in December, following approval from the Commodity Futures Trading Commission.
Looking ahead, the company plans to expand this offering while continuing to grow its credit card and exchange businesses. The Winklevoss brothers said Gemini aims to evolve into a broader markets platform, leveraging its prediction market infrastructure to support perpetual futures trading once it receives regulatory approval in the US.
