Gemini reported total revenue of $45.5 million in the second quarter, up from $33.3 million a year earlier, driven by growth in its credit-card business which reached $16.2 million from $4.9 million. However, exchange revenue fell 38% to $12.5 million, and spot matched trading volume plunged about 66% to $3.8 billion. Despite restructuring that reduced headcount by approximately 25%, operating loss widened to $76.9 million from $65.4 million, and adjusted EBITDA loss reached $74 million. The company attributed the adjusted EBITDA deterioration primarily to market-related losses on bitcoin acquired through a private placement in May.
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