Gemini reported second-quarter 2026 revenue of $45.475 million, up 37% from $33.289 million and slightly above Wall Street's $45.142 million estimate, as credit card activity, staking and interest income cushioned a sharp slump in its core exchange. Card revenue rose to $16.2 million from $4.9 million, while exchange revenue fell 38% to $12.5 million and spot matched trading volume dropped to $3.8 billion from $11.3 billion. Gemini had approved a February restructuring covering up to 200 jobs and withdrawals from the UK, the European Union, other European jurisdictions and Australia, while keeping the U.S. and Singapore. Sequential costs improved after the reset, but year-over-year profitability remained weak. Operating expenses rose 24% to $122.4 million and operating loss widened to $76.9 million from $65.4 million, even as GAAP net loss narrowed to $107.7 million from $133.2 million. Adjusted EBITDA loss widened to $74.0 million from $51.9 million, which Gemini primarily linked to market-related losses on bitcoin received in a May private placement rather than restructuring charges. A $16.1 million credit-loss provision tied to an identified identity-fraud cohort, plus $8.7 million in card rewards and incentives, underscored the costs attached to the faster-growing card business, while prediction markets added $524,000 after launching in December 2025.