Gemini Posts $107.7 Million Second-Quarter Net Loss as Trading Volume Drops 66%

Digital-asset exchange Gemini posted a net loss of more than $100 million in the second quarter as a steep decline in digital-asset trading volume weighed on its exchange business despite higher revenue.

Cointelegraph reported on August 14 that Gemini’s second-quarter net loss totaled $107.7 million. Revenue rose 37% from a year earlier to $45.5 million.

Exchange revenue fell 38% to $12.5 million from a year earlier. Trading volume dropped about 66% over the same period, falling to $3.8 billion from $11.3 billion.

Its credit-card and staking businesses, however, expanded. Service revenue surged 149% to $23.5 million. Within that total, credit-card revenue jumped 231% to $16.2 million, while staking revenue rose 50% to $4 million.