Gemini’s credit card became the company’s largest individual revenue source in the second quarter, with revenue tripling to $16.2 million, surpassing the $12.5 million generated by exchange trading. This growth came with significantly higher costs: transaction losses jumped 467% from $3.5 million to $20.1 million, while provisions for expected card losses rose from $1.7 million to $16.1 million. Gemini’s total revenue reached $45.5 million, up 37% year-over-year, and its net loss narrowed from $133.2 million to $107.7 million. Meanwhile, trading volume on the exchange platform fell from $11.3 billion to $3.8 billion, and assets under custody declined from $18.2 billion to $8.4 billion.
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