GEMINasdaqFinance ServicesUS GAAP · USD

Gemini Space Station, Inc.

Gemini Space Station, Inc. operates Gemini, a crypto-asset platform that lets retail and institutional users buy, sell, store, stake, and transfer digital assets. The company has expanded beyond spot exchange into custody, OTC trading, derivatives, a regulated stablecoin, a credit card, tokenized equities in the E.U., and Web3/NFT services.

Ask about the company
Revenue180m USD
+26.3 %y/y
Operating profit (EBIT)-346m USD
−108.4 %y/y
EBIT margin-192.5%
−75.8 ppy/y
Net income-583m USD
−267.6 %y/y
Free cash flow-220m USD
−99.7 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-400-2000200m USD2023: 98 m USD2023: EBIT -312 m USD20232024: 142 m USD2024: EBIT -166 m USD20242025: 180 m USD2025: EBIT -346 m USD2025180-346
RevenueOperating profit (EBIT)
Ask Clarifo about Gemini Space Station, Inc.

Business

Share of revenue
Trading and exchange58 %

Retail and institutional spot trading, instant orders, OTC execution, and related transaction fees.

Custody and storage12 %

Cold storage and institutional-grade custody for crypto and fiat-backed assets.

Services and yield15 %

Staking, advisory, token listing, onchain integration, and other platform services.

Credit card and payments10 %

Gemini Credit Card revenue from interchange, interest, and fees, including co-branded launches.

Other and interest income5 %

Stablecoin-related interest income, ancillary fees, and marketplace revenue such as Nifty Gateway.

Products

Reported · share of revenue
52.1%36.1%FY2025100 %
  • Transaction Revenue Exchange52.1 %
  • Services36.1 %
  • Service Custodial Fee Revenue4.9 %
  • Other Revenue and Corporate Interest3.1 %
  • Service Advisory Fee2.7 %
  • Other1.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Gemini serves two core customer groups: retail users who use the platform as an entry point into crypto, and institutions that need trading, custody, and execution services. The company also monetizes through cardholders, ecosystem partners, and users of tokenized or onchain products, with revenue tied closely to trading activity and asset balances.

Retail crypto users

Individuals using Gemini as a gateway to buy, sell, store, stake, and transfer crypto assets.

Institutional investors

Asset managers, hedge funds, proprietary trading firms, and corporations using OTC trading and custody.

Credit card users

Consumers using the Gemini Credit Card for payments and crypto rewards.

Ecosystem and Web3 partners

Projects and partners buying listing, integration, and infrastructure support services.

Tokenized asset users

Eligible E.U. users accessing tokenized stock exposure through Gemini Tokenized Stocks.

Strategy

Gemini is trying to widen its platform from exchange trading into a broader crypto and onchain financial ecosystem. Its priorities are to add products, deepen institutional and retail engagement, expand internationally, and use partnerships such as Mastercard and Ripple to increase traffic and recurring revenue.

Broaden the product stackShort term

More products increase user engagement and reduce dependence on exchange fees.

Expand internationallyMedium term

New markets can grow the user base, but require local compliance and localization.

Deepen institutional relationshipsMedium term

Institutional flows can improve trading volume, custody balances, and fee stability.

Partnership-led distributionShort term

Card and banking partnerships can lower acquisition costs and broaden reach.

Geography

Q1/2026

Gemini is headquartered in the United States and says it can operate in all 50 states through the required money transmitter licenses and related approvals. It also serves users in over 60 countries and has expanded into the E.U. with tokenized equities and a Malta-licensed subsidiary, making regulation and local licensing central to where it can grow.

United States90 %
Other countries (US filing)10 %

Share of the revenue the company reports by geography.

Risks

Gemini is exposed to crypto market volatility, regulatory change, and intense competition from both regulated and less regulated platforms. Its credit card program adds fraud, compliance, and partner-dependence risk, while tokenized securities and cross-border products create additional legal and operational uncertainty.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and licensing constraints1Crypto market volatility and volume dependence2Credit card fraud and enforcement risk3Partner concentration with WebBank4Competition from offshore and DeFi platforms5Tokenized securities execution risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory and licensing constraintsImpact: HighLikelihood: High

    Product availability depends on approvals across multiple jurisdictions and regulators.

    ExposureAsset supportOnboardingInternational expansion
  2. Crypto market volatility and volume dependenceImpact: HighLikelihood: Medium

    Most revenue comes from transaction fees, so weaker trading activity reduces monetization.

    Exposure: Exchange and OTC revenue

  3. Credit card fraud and enforcement riskImpact: HighLikelihood: Medium

    The card program has suffered fraud attacks and may trigger regulatory or legal actions.

    Exposure: Gemini Credit Card

  4. Partner concentration with WebBankImpact: HighLikelihood: Low

    Loss of the issuing bank relationship would disrupt the credit card business.

    Exposure: Card issuance and receivables purchase obligations

  5. Competition from offshore and DeFi platformsImpact: MediumLikelihood: Medium

    Lower-regulated competitors can offer products Gemini may not be able to match.

    ExposureTradingCustodyProduct breadth
  6. Tokenized securities execution riskImpact: MediumLikelihood: Low

    New tokenized stock products face uncertain regulation, liquidity, and market adoption.

    Exposure: E.U. tokenized equities

Ask Clarifo about Gemini Space Station, Inc.

Accounting

Judgemental items
Revenue recognition by product line

Exchange, custody, card, advisory, and marketplace revenue are recognized differently and affect quarterly comparability.

Impact: Mix shifts can change reported revenue even if user activity is stable.

Fair value accounting for crypto assets

Fair value gains and losses flow through earnings and can materially swing results.

Impact: Reported net income may move with crypto prices rather than operating performance.

Credit card receivables and fraud provisions

The company must purchase certain receivables and absorb fraud-related losses under the WebBank arrangement.

Impact: Can create balance-sheet obligations and expense volatility.

Interest income on custodial and corporate cash

Interest earned on customer custodial funds and corporate balances is part of revenue.

Impact: Changes in rates and balances affect non-transaction revenue.

Tokenized securities and new product accounting

New onchain products may involve complex performance obligations and legal structure assessment.

Impact: Could affect timing of revenue and disclosure requirements.

Similar listed companies

Publicly listed companies with a comparable business focus.

Coinbase Global, Inc.

COIN · Finance Services

Galaxy Digital Inc.

GLXY · Security Brokers, Dealers & Flotation Companies

Revelation Biosciences, Inc

REVBW · Pharmaceutical Preparations

Spire Global, Inc.

SPIR · Communications Services, NEC

Bitwise 10 Crypto Index ETF

BITW · Commodity Contracts Brokers & Dealers

GCT Semiconductor Holding, Inc.

GCTS-WT · Semiconductors & Related Devices

Last updated: 24/09/2026

Gemini Space Station, Inc. (Nasdaq) – Finance Services | Financial Analysis – Clarifo