Shares of crypto exchange Gemini rose after hours following stronger-than-expected fourth-quarter results, with revenue growth driven by credit card adoption and changes to its fee structure. Gemini reported Q4 revenue of $60.3 million, up 39% from the prior-year quarter and above analysts’ estimate of $51.7 million. The company posted a Q4 net loss of $140.8 million, wider than the $27 million loss a year earlier, and reported a total 2025 loss of $585 million versus $156.6 million in 2024.
Co-founders Cameron and Tyler Winklevoss said in a shareholder letter that Q4 was the company’s highest quarterly revenue in three years, even as trading volumes declined, and credited deliberate fee-structure work in the back half of the year for the revenue gain. Gemini (GEMI) shares initially jumped about 14% after hours to $6.83, later settling at $6.36 for a 5.8% gain after finishing the regular session near $6.
These results are Gemini’s second since going public in September and come amid a broader crypto market downturn in late 2025 that followed Bitcoin’s rapid fall from an October all-time high above $126,000.
Workforce reductions and AI adoption
In February, Gemini said it would withdraw from the UK, the EU and Australia, citing tough market conditions, and announced plans for workforce reductions. The Winklevosses said the company had cut roughly 30% of its staff since the start of 2026, attributing part of the reduction to increased use of artificial intelligence. They noted AI is used in more than 40% of production code changes and expect that share to climb toward 100%, arguing that not using AI soon will be akin to showing up with a typewriter instead of a laptop.
The founders said Gemini will focus and “double down on America,” and said they were encouraged by the pro-crypto stance of U.S. market regulators.
Prediction markets, cards and product priorities for 2026
Gemini launched an in-house prediction market, Gemini Predictions, across all 50 U.S. states in December after obtaining a Commodity Futures Trading Commission license. The company said it will refine and expand the prediction market, scale its credit card and exchange offerings, and transition toward being a markets company using the Predictions infrastructure for perpetual futures contracts once approved in the U.S.
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