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.

Kysy yhtiöstä
Liikevaihto180milj. USD
+26,3 %v/v
Liikevoitto (EBIT)−346milj. USD
−108,4 %v/v
EBIT-marginaali−192,5%
−75,8 %-yks.v/v
Nettotulos−583milj. USD
−267,6 %v/v
Vapaa kassavirta−220milj. USD
−99,7 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2023–2025

−400−2000200milj. USD2023: 98 milj. USD2023: EBIT −312 milj. USD20232024: 142 milj. USD2024: EBIT −166 milj. USD20242025: 180 milj. USD2025: EBIT −346 milj. USD2025180−346
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Gemini Space Station, Inc.

Liiketoiminta

Osuus liikevaihdosta
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.

Tuotteet

Raportoitu · osuus liikevaihdosta
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 %
  • Muut1,2 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

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.

Strategia

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 stackLyhyt aikaväli

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

Expand internationallyKeskipitkä aikaväli

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

Deepen institutional relationshipsKeskipitkä aikaväli

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

Partnership-led distributionLyhyt aikaväli

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

Maantiede

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.

USA90 %
Other countries (US filing)10 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

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.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →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
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Regulatory and licensing constraintsVaikutus: KorkeaTodennäköisyys: Korkea

    Product availability depends on approvals across multiple jurisdictions and regulators.

    KohdistuuAsset supportOnboardingInternational expansion
  2. Crypto market volatility and volume dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Exchange and OTC revenue

  3. Credit card fraud and enforcement riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

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

    Kohdistuu: Gemini Credit Card

  4. Partner concentration with WebBankVaikutus: KorkeaTodennäköisyys: Matala

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

    Kohdistuu: Card issuance and receivables purchase obligations

  5. Competition from offshore and DeFi platformsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

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

    KohdistuuTradingCustodyProduct breadth
  6. Tokenized securities execution riskVaikutus: KeskitasoTodennäköisyys: Matala

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

    Kohdistuu: E.U. tokenized equities

Kysy Clarifolta: Gemini Space Station, Inc.

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition by product line

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

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: 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.

Vaikutus: Could affect timing of revenue and disclosure requirements.

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Päivitetty: 24.9.2026

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