Gemini Space Station reported second quarter 2026 revenue of $45.5 million, up 37% year-over-year, but a net loss of $107.7 million, or $0.89 per share. Exchange revenue dropped 38% to $12.5 million, while services revenue surged 149% to $23.5 million. Assets under custody on the platform fell by more than half to $8.4 billion from $18.2 billion a year earlier. The company cut operating expenses by 15% sequentially to $122.4 million, but still spends approximately $2.69 for every dollar of revenue collected. Listed on the stock exchange in September 2025, the platform now has 580,000 monthly transacting users, up 11% year-over-year.
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