Gemini · Polymarket · The Block
Gemini shares soar after reporting 42% revenue growth, first prediction market metrics
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Gemini shares (GEMI) jumped as high as 30% in after-hours trading on Thursday after the crypto exchange reported 42% year-over-year revenue growth and disclosed its first operating metrics for its in-house prediction market business.
Key facts
- The company posted $50.3 million in total revenue for the first quarter, up from $35.3 million a year earlier, pointing to growth in services, OTC trading, and its crypto-linked Gemini Credit Card
- For comparison, Kalshi and Polymarket each regularly see daily volumes of between $300,000 and $500,000
- The company also announced a $100 million investment from founders Tyler and Cameron Winklevoss through their Winklevoss Capital Fund, funded in bitcoin
- The company's exchange revenue also fell by 27% year over year to $17.2 million as crypto trading slowed
Summary
The company posted $50.3 million in total revenue for the first quarter, up from $35.3 million a year earlier, pointing to growth in services, OTC trading, and its crypto-linked Gemini Credit Card segment. Prediction market revenue saw a debut mention of $400,000 since Gemini launched the product in December. For comparison, Kalshi and Polymarket each regularly see daily volumes of between $300,000 and $500,000. It also gave a sneak peek into April volume, which Gemini says rose a further 78% from the month prior.