Gemini · The Block
Gemini shares slide after $108 million loss as Winklevoss says ‘The Block still have work to do’
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Gemini shares slid more than 7% in after-hours trading on Thursday after the crypto exchange reported a $107.7 million net loss for the second quarter, despite revenue growing 37%.
Key facts
- Gemini's credit card revenue jumped 231% to $16.2 million, while staking revenue grew 50% to $4 million
- However, exchange revenue fell 38% to $12.5 million amid a total trading volume drop to $3.8 billion from $11.3 billion a year earlier
- Gemini's monthly transacting users increased 11% year over year, but assets on the platform declined to $8.4 billion from $18.2 billion in the period as major assets like bitcoin lost 50% of value
- The company recorded $45.5 million in total revenue, up from $33.3 million a year earlier
Summary
The company recorded $45.5 million in total revenue, up from $33.3 million a year earlier. "While we still have work to do as a company, this quarter’s results reflect our ongoing efforts to reduce operating expenses while diversifying revenue," Gemini CEO Tyler Winklevoss said in a statement. Gemini's credit card revenue jumped 231% to $16.2 million, while staking revenue grew 50% to $4 million. However, exchange revenue fell 38% to $12.5 million amid a total trading volume drop to $3.8 billion from $11.3 billion a year earlier.