Gemini Space Station, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
GEMI$2.46+2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0002055592-26-000050
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0002055592-26-000065
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 159 previous paragraphs and 165 current paragraphs.
89 unchanged; 52 reworded; 22 added; 18 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 26 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
For the three and six months ended June 30, 2026, we generated total revenue of $45.5 million and $95.7 million, respectively, net income (loss) of $(107.7) million and $(216.7) million, respectively, and Adjusted EBITDA of $(74.0) million and $(134.0) million, respectively. For the three and six months ended June 30, 2025, we generated total revenue of $33.3 million and $68.6 million, respectively, net income (loss) of $(133.2) million and $(282.5) million, respectively, and Adjusted EBITDA of $(51.9) million and $(113.5) million, respectively.
Current report
Exchange revenue decreased by $7.7 million, or 38%, and $14.1 million, or 32%, for the three and six months ended June 30, 2026, respectively, primarily due to decreases in retail revenue of $7.9 million (42%) and $15.6 million (38%), partially offset by increases in institutional revenue of $0.2 million and $1.5 million, for the three and six months ended June 30, 2026, respectively.
Current report
Retail revenue declined primarily as a result of lower retail trading volumes reflecting softer crypto market conditions. Retail revenue decreased 53.3% and 39.4% for the three and six months ended June 30, 2026, respectively, reducing revenue by approximately $10.1 million and $16.3 million. Retail revenue was also negatively impacted by lower withdrawal fee revenue of approximately $0.3 million and $0.6 million, respectively. These decreases were partially offset by fee optimization initiatives and improved take rates, which increased revenue by approximately $2.4 million and $1.3 million for the three and six month periods, respectively.
Current report
Institutional revenue increased primarily due to improved take rates and lower market maker incentive credits, which more than offset the impact of lower institutional trading volumes.
Current report
Other transaction revenue remained immaterial for the periods presented. The category primarily reflects residual activity from our legacy NFT business following the January 2026 decision to discontinue NFT operations amid continued market weakness. Period-over-period fluctuations reflect the ongoing wind-down of these activities and are not considered meaningful.
Current report
Staking revenue increased by $1.3 million, or 50%, and $0.4 million, or 6%, for the three and six months ended June 30, 2026, respectively. The increase for the three-month period was driven by one-time revenue recognized following the implementation of a new staking platform including building out our in-house validator capabilities, as well as the launch of Monad (“MON”) staking in the fourth quarter of 2025. The increase for the six-month period primarily reflects the launch of MON, partially offset by lower staked asset balances and declines in crypto asset prices across supported staking tokens.
Current report
Custodial fee revenue decreased $1.3 million, or 67%, and $1.3 million, or 34%, for the three and six months ended June 30, 2026, respectively, due to declining crypto asset prices during the period and net customer asset outflows, which reduced the value of assets under custody, and consequently, custodial fee revenue.
Current report
There was no material change in Interest income for the three and six months ended June 30, 2026.
Current report
General and administrative expenses increased by $1.3 million, or 7%, and $9.0 million, or 27%, for the three and six months ended June 30, 2026, respectively, primarily due to higher legal expenses of $4.2 million and $9.3 million associated with a higher level of legal and regulatory activity, including support for strategic initiatives and other corporate matters. These increases were partially offset by lower professional services expense of $3.3 million and $0.7 million, respectively, reflecting lower audit, accounting, and consulting expenses following the completion of the IPO and related readiness activities.
Current report
Other changes included higher real estate related expenses of $0.7 million and $1.5 million, respectively, from new lease arrangements, and a $0.7 million increase in credit card issuance costs for the six months ended June 30, 2026 from the production and distribution of physical cards.
Current report
General and administrative expenses also benefited from lower discretionary corporate spending, including reduced travel and entertainment expenses reflecting lower headcount, ongoing cost optimization initiatives, and elevated IPO roadshow-related travel incurred in the prior-year period.
Current report
Further contributing to the increase was a $2.2 million and $3.1 million rise in other transaction losses, primarily reflecting discrete operational loss events, including staking-related reconciliation losses and write-offs of aged staking receivables.
Current report
Sales and marketing expenses decreased by $7.3 million, or 45%, and increased by $2.7 million, or 11%, for the three and six months ended June 30, 2026, respectively. Marketing acquisition, brand, promotional, and referral spending decreased by $12.6 million and $8.8 million as part of the Company's ongoing cost optimization initiatives. These decreases were partially offset by increases in credit card rewards of $5.3 million and $11.5 million, respectively, reflecting growth in the credit card user base and higher cardholder spending activity. As a result, while sales and marketing expense declined during the three-month period, the year-to-date increase reflects higher credit card rewards expense more than offsetting reductions in discretionary marketing spend.
Current report
Transaction processing expenses also reflect changes in staking rewards, which increased by $0.6 million for the three months ended June 30, 2026, and decreased by $0.6 million for the six months ended June 30, 2026, primarily due to changes in staking activity and asset prices.
Current report
Realized and unrealized gain (loss) on crypto assets and receivable, crypto assets pledged changed from a net gain in the prior-year periods to a net loss in the current-year periods. The change was primarily driven by realized losses recognized upon the repayment of bitcoin-denominated loan obligations, which required the return of borrowed crypto assets that had appreciated in value. The change also reflects approximately $22.1 million of realized and unrealized losses on bitcoin received as consideration in the May 2026 private placement as bitcoin prices declined following issuance.
Current report
Realized and unrealized gain (loss) on related party crypto loans changed from a net loss in the prior-year periods to a net gain in the current-year periods. The increase was primarily driven by realized gains recognized upon the repayment of related-party crypto asset loans during the three months ended June 30, 2026, and higher unrealized gains resulting from declines in the market price of bitcoin during the six months ended June 30, 2026.
Current report
Interest expense on third party loans decreased by $1.5 million, or 45%, and $2.9 million, or 45%, for the three and six months ended June 30, 2026, respectively, primarily due to lower interest rate and outstanding principal balance under the NYDIG MRA (as defined below), which incurred $1.8 million and $3.6 million of interest expense for the three and six months ended June 30, 2026, respectively, as compared to the Company's legacy financing agreements with Galaxy, which incurred $3.2 million and $6.5 million of interest expense for the three and six months ended June 30, 2025, respectively, and were repaid in full during the fourth quarter of 2025.
Current report
On June 30, 2026, the 2,097 bitcoin we had previously borrowed from WCF and was pledged as collateral under the NYDIG MRA (as defined below) was released to us in connection with the repayment and termination of that agreement. We subsequently repaid the bitcoin to WCF. On June 30, 2026, in connection with an open lending transaction under our existing Galaxy MLA (as defined below), we borrowed an additional 2,825 bitcoin from WCF, of which 1,975 bitcoin was pledged as collateral and the remaining 850 bitcoin was held as margin reserve to support potential future collateral requirements. For more information, see Note 14. Related Party Loans and Convertible Notes to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current report
On June 30, 2026, we repaid all outstanding amounts under the NYDIG MRA, and the agreement was terminated. In connection with the repayment, NYDIG released 2,097 bitcoin pledged as collateral under the NYDIG MRA to us, which we subsequently returned to WCF, from which the bitcoin had originally been borrowed.
Current report
Galaxy MLA
Current report
In March 2023, we entered into a Master Digital Currency Loan Agreement with Galaxy Digital LLC (“Galaxy”), an unrelated third party, that was amended and restated in April 2023 (as amended and restated, the “Galaxy MLA”). The Galaxy Lending Agreement permits us to make lending requests of various types to Galaxy Digital to borrow digital currency or U.S. dollars. Individual lending transactions may be structured as either term or open transactions. Under open transactions, either party may terminate all or a portion of the outstanding borrowing upon notice in accordance with the terms of the applicable lending transaction. All lending requests are subject to providing collateral (defined as a percentage of the value of the borrowed asset) as well as paying borrow fees and late fees. In certain circumstances, if the value of a borrowed asset changes relative to the collateral provided, we may be required to provide additional collateral to Galaxy Digital.
Current report
On June 30, 2026, we entered into an open lending transaction with Galaxy to borrow $75.0 million at an annual borrow fee of 7.5% per annum. The borrowing is collateralized by bitcoin. As of June 30, 2026, $75.0 million was outstanding under the Galaxy MLA. The proceeds from the borrowing were used to refinance our obligations under the NYDIG MRA, which was repaid and terminated on June 30, 2026.
Removed paragraphs (18)
Previous report
In December 2025, we launched Gemini Predictions, a regulated prediction markets platform operated by our DCM affiliate and wholly-owned subsidiary, Gemini Titan, LLC (“Gemini Titan”), allowing eligible customers to trade binary event contracts on the outcomes of specified future events. This product expands our suite of trading offerings and leverages our regulatory approval from the CFTC to provide event-based derivatives alongside our existing crypto trading services. In February 2026, we announced plans to exit and wind down operations in certain international markets, including the United Kingdom, the European Union and other European jurisdictions, and Australia (the “Restructuring”). See Note 4. Restructuring Activitiesto our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous report
For the three months ended March 31, 2026 and 2025, we generated total revenue of $50.3 million and $35.3 million, respectively, net income (loss) of $(109.0) million and $(149.3) million, respectively, and Adjusted EBITDA of $(59.9) million and $(61.6) million, respectively.
Previous report
Exchange revenue decreased by $6.4 million, or 27%, for the three months ended March 31, 2026, primarily driven by a $7.7 million decrease in retail revenue, partially offset by a $1.3 million increase in institutional revenue.
Previous report
Retail revenue decreased by $7.7 million, or 34%, primarily driven by a $6.3 million decline associated with a 28% reduction in retail trading volume. In addition, retail revenue was negatively impacted by $1.1 million due to unfavorable changes in trading mix, reflecting a higher proportion of trading pairs and order types with lower fee rates, as well as a $0.3 million decrease in withdrawal fees.
Previous report
Institutional revenue increased by $1.3 million for the three months ended March 31, 2026, primarily due to a $1.8 million decrease in incentive credits provided to market makers, reflecting higher net trading fees. This increase was partially offset by a $0.6 million decline in institutional revenue associated with a 57% decrease in institutional trading volume.
Previous report
For the three months ended March 31, 2026, other transaction revenue decreased by $0.3 million, or 59%, primarily due to the wind-down of our NFT business following our January 2026 decision to discontinue these activities amid continued market weakness. The remaining revenue in this category primarily reflects interest income and fees from spot margin trading services, which partially offset the decline but remain immaterial.
Previous report
Staking revenue decreased by $1.0 million, or 31%, for the three months ended March 31, 2026, primarily due to lower levels of staking activity, decreases in staked asset volumes, and general price depreciation across supported tokens.
Previous report
Custodial fee revenue did not change materially for the three months ended March 31, 2026.
Previous report
Interest income increased by $0.4 million, or 16%, for the three months ended March 31, 2026, primarily driven by an increase in interest income on higher customer deposits.
Previous report
General and administrative expenses increased by $7.7 million, or 55%, for the three months ended March 31, 2026, primarily due to a $5.1 million increase in legal expenses associated with a higher level of legal and regulatory activity, including support for strategic initiatives and other corporate matters. Further contributing to the increase was a $2.6 million rise in professional services to support additional compliance and reporting obligations following the IPO.
Previous report
Additional increases included a $1.2 million increase in depreciation, amortization and impairment, primarily related to the impairment of right-of-use assets and fixed assets as a result of the Restructuring. Credit card issuance costs increased $0.8 million from the production and distribution of physical cards, and real estate related expenses increased $0.8 million from new lease arrangements. These increases were partially offset by a $2.8 million decrease in general corporate overhead, primarily reflecting the impact of non-recurring adjustments recognized in the current period related to the wind-down and rationalization of certain international entities.
Previous report
Additionally, transaction losses increased due to $4.1 million of credit card fraud reserve recognized in the current period, reflecting elevated fraud activity.
Previous report
Further contributing to the increase was a $0.8 million rise in ACH and other transaction losses, primarily associated with increased transaction volumes.
Previous report
Sales and marketing expenses increased by $10.0 million, or 111%, for the three months ended March 31, 2026, primarily driven by a $6.2 million increase in credit card rewards consistent with growth in the credit card user base and higher cardholder spending activity. Further contributing to the increase was a $2.9 million rise in marketing acquisition and brand spend to support targeted customer acquisition and brand awareness efforts, as well as a $1.0 million increase in marketing promotional and referral incentives associated with customer acquisition efforts.
Previous report
Realized and unrealized loss on crypto assets and receivable, crypto assets pledged decreased $28.0 million, or 22% for the three months ended March 31, 2026. This change was driven by both higher realized gains and higher unrealized losses. Realized gains increased primarily due to higher loan repayments of borrowed crypto assets. In addition, declines in BTC and ETH prices during the year resulted in higher unrealized losses on crypto assets held compared to the prior year.
Previous report
Realized and unrealized gain on related party crypto loans decreased by $8.9 million, or 9% for the three months ended March 31, 2026, primarily driven by higher realized losses from increased loan repayment volumes relative to the prior year. This is offset by larger unrealized gains from steeper price declines for the three months ended March 31, 2026 compared to the same period in 2025.
Previous report
Interest expense on third party loans decreased by $1.4 million, or 44%, for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the exit of the Galaxy loan in 2025, which had incurred $3.2 million of interest expense in the prior year period. This decrease was partially offset by $1.8 million of interest expense related to the NYDIG MRA (as defined below) incurred in the current period.
Previous report
On March 5, 2026, 1,750 BTC that had previously been held as minimum regulatory capital was approved for release — as the BTC had been borrowed under an agreement with WCF and pledged for regulatory purposes, it was subsequently repaid to WCF following the approval. Subsequently, on March 18, 2026, the Company re-borrowed 822 BTC from WCF with a 4% loan fee per annum in connection with collateral and margin requirements under the NYDIG MRA (as defined below). For more information, see Note 14. Related Party Loans and Convertible Notes to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Reworded paragraphs (52)
Previous wording
Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets. As of March 31, 2026, we served approximately 589,000 MTUs with over $11.1 billion of assets on our platform.
Current wording
Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets. As of June 30, 2026, we served approximately 580,000 MTUs with over $8.4 billion of assets on our platform.
Previous wording
Our core exchange product has expanded over time to become a more comprehensive platform that enables users to engage with the cryptoeconomy and markets across a broad range of products and services. Our products and services include a derivatives exchange, staking services, spot margin trading services, an OTC trading desk, institutional-grade custody, a New York Department of Financial Services (“NYDFS”)-regulated stablecoin, a U.S.-based credit card program, and a prediction markets platform. We are building Gemini as an integrated platform with shared infrastructure for both money and markets and we intend to serve our users through a unified, multi-product experience.
Current wording
Our core exchange product has expanded over time to become a more comprehensive platform that enables users to engage with not only the cryptoeconomy, but also markets across a broad range of products and services. Our products and services include a derivatives exchange, staking services, spot margin trading services, an OTC trading desk, institutional-grade custody, a New York Department of Financial Services (“NYDFS”)-regulated stablecoin, a U.S.-based credit card program, and, more recently, a prediction markets platform (as of December 2025) and U.S. stocks (as of July 2026). We are building Gemini as an integrated platform with shared infrastructure for both money and markets and we intend to serve our users through a unified, multi-product experience.
Previous wording
•Retail: We often serve as a primary gateway for individual retail users into the cryptoeconomy. We provide a user-friendly, secure platform and mobile app for users to buy, sell, store, stake, and transfer a variety of crypto assets. Our products aim to suit the needs of beginners and sophisticated users alike.
Current wording
•Retail: We often serve as a primary gateway for individual retail users into the cryptoeconomy and markets. We provide a user-friendly, secure platform and mobile app for users to buy, sell, store, stake, and transfer a variety of crypto assets and, as of July 2026, U.S. stocks. Our products aim to suit the needs of beginners and sophisticated users alike.
Previous wording
•Institutional: We provide institutional investors, including asset managers, hedge funds, proprietary trading firms, and corporations with a robust and secure platform to access crypto markets. We offer advanced trading, OTC trading, and institutional-grade custody.
Current wording
•Institutional: We provide institutional investors, including asset managers, hedge funds, proprietary trading firms, and corporations with a robust and secure platform to access crypto and traditional markets. We offer advanced trading, OTC trading, and institutional-grade custody.
Previous wording
All customer assets are held in full on our platform, ensuring every unit of cryptocurrency or fiat held by a user is available to the user. We hold MTLs or the statutory equivalent in all states that require such licenses so that we are able to operate in all 50 states and have direct access to fiat banking rails.
Current wording
All customer crypto assets are held in full on our platform, ensuring every unit of cryptocurrency or fiat held by a user is available to the user. We hold MTLs or the statutory equivalent in all states that require such licenses so that we are able to operate in all 50 states and have direct access to fiat banking rails.
Previous wording
We monetize the products and services offerings on our platform primarily through fee-based revenue. Fee revenues are predominantly transaction-related fees on trade volume for our exchange and OTC platforms. In addition, we also earn revenue from custody services, withdrawal fees, credit card fees and advisory fees. A substantial portion of our total revenue is generated from transaction fees earned on volume-based trades across retail and institutional users on our exchange. For the three months ended March 31, 2026 and 2025, exchange revenue represented 34.2% and 66.6% of our total revenue, respectively. Retail investors accounted for approximately 87% and 96% of exchange revenue for the three months ended March 31, 2026 and 2025, respectively. Interest income is derived from USD-denominated assets we hold on our balance sheet that back our GUSD stablecoin.
Current wording
We monetize the products and services offerings on our platform primarily through fee-based revenue. Fee revenues are predominantly transaction-related fees on trade volume for our exchange and OTC platforms. In addition, we also earn revenue from custody services, withdrawal fees, credit card fees and advisory fees. A substantial portion of our total revenue is generated from transaction fees earned on volume-based trades across retail and institutional users on our exchange. For the three and six months ended June 30, 2026, exchange revenue represented 27.5% and 31.0% of our total revenue, respectively. Retail investors accounted for approximately 88% and 87% of exchange revenue for the three and six months ended June 30, 2026, respectively. For the three and six months ended June 30, 2025, exchange revenue represented 60.8% and 63.8% of our total revenue, respectively. Retail investors accounted for approximately 93% and 95% of exchange revenue for the three and six months ended June 30, 2025, respectively. Interest income is derived from USD-denominated assets we hold on our balance sheet that back our GUSD stablecoin.
Previous wording
We view MTUs as an indicator of platform engagement and overall business health, and MTUs also serve as a top-of-funnel metric in our internal financial forecasting processes. MTUs directly correlate with other key performance indicators, such as Trading Volume, and revenue, particularly because transaction-based fees represent the majority of our revenue. For example, for the three months ended March 31, 2026, approximately 48.0% of our revenue was derived from transaction fees. As MTUs increase, we generally experience increased transaction activity, which leads to increased fee-based revenue. In turn, this generally supports a higher gross margin and contributes to increases in net income. We also use MTUs to help evaluate the performance of our growth initiatives, including our efforts to acquire new retail and institutional users and broaden the number and type of crypto assets supported on our platform.
Current wording
We view MTUs as an indicator of platform engagement and overall business health, and MTUs also serve as a top-of-funnel metric in our internal financial forecasting processes. MTUs directly correlate with other key performance indicators, such as Trading Volume, and revenue, particularly because transaction-based fees represent the majority of our revenue. For example, for the six months ended June 30, 2026, approximately 43.6% of our revenue was derived from transaction fees. As MTUs increase, we generally experience increased transaction activity, which leads to increased fee-based revenue. In turn, this generally supports a higher gross margin and contributes to increases in net income. We also use MTUs to help evaluate the performance of our growth initiatives, including our efforts to acquire new retail and institutional users and broaden the number and type of crypto assets supported on our platform.
Previous wording
MTUs may overstate the number of unique users due to differences in product architecture or user behavior. For instance, regarding product architecture, our platform includes distinct products that utilize separate account structures and store user data in separate databases. While we seek to identify overlapping users across these products by cross-referencing shared information (e.g., email addresses), a single user who registered on, for example, both the exchange and Nifty Gateway using different credentials could have been counted as two MTUs. Relatedly, regarding user behavior, our metrics may result in overstatement where a user intentionally or inadvertently maintains multiple accounts using different email addresses, phone numbers, or usernames. While we actively monitor for duplicate, fraudulent, or spam accounts and exclude those from our key metrics, we may not fully eliminate all duplication among legitimate users. See “Risk Factors—General Risk Factors—Key business metrics and other estimates are subject to inherent challenges in measurement and to change as our business evolves, and our business, operating results, and financial condition could be adversely affected by real or perceived inaccuracies in those metrics or any changes in metrics we disclose.”
Current wording
MTUs may overstate the number of unique users due to differences in product architecture or user behavior. For instance, regarding product architecture, our platform includes distinct products that utilize separate account structures and store user data in separate databases. While we seek to identify overlapping users across these products by cross-referencing shared information (e.g., email addresses), a single user who registered on, for example, both the exchange and Nifty Gateway using different credentials could have been counted as two MTUs. Relatedly, regarding user behavior, our metrics may result in overstatement where a user intentionally or inadvertently maintains multiple accounts using different email addresses, phone numbers, or usernames. While we actively monitor for duplicate, fraudulent, or spam accounts and exclude those from our key metrics, we may not be able to fully eliminate all duplication among legitimate users. See “Risk Factors—General Risk Factors—Key business metrics and other estimates are subject to inherent challenges in measurement and to change as our business evolves, and our business, operating results, and financial condition could be adversely affected by real or perceived inaccuracies in those metrics or any changes in metrics we disclose.”
Previous wording
Card Sign-Ups do not directly measure cardholder activity, as not all approved applicants activate or use their cards. In addition, because Card Sign-Ups include approved accounts regardless of subsequent account status, Card Sign-Ups may be subject to overstatement. Accordingly, growth in Card Sign-Ups should be evaluated together with Open Card Accounts, transaction volume, and related receivables to provide a comprehensive view of card program performance. See “Risk Factors—General Risk Factors—Key business metrics and other estimates are subject to inherent challenges in measurement and to change as our business evolves, and our business, operating results, and financial condition could be adversely affected by real or perceived inaccuracies in those metrics or any changes in metrics we disclose.”
Current wording
Card Sign-Ups do not directly measure cardholder activity, as not all approved applicants activate or use their cards. In addition, because Card Sign-Ups include approved accounts regardless of subsequent account status, Card Sign-Ups may be subject to overstatement. Accordingly, growth in Card Sign-Ups should be evaluated together with other metrics to provide a comprehensive view of card program performance. See “Risk Factors—General Risk Factors—Key business metrics and other estimates are subject to inherent challenges in measurement and to change as our business evolves, and our business, operating results, and financial condition could be adversely affected by real or perceived inaccuracies in those metrics or any changes in metrics we disclose.”
Previous wording
During the three months ended March 31, 2026 and 2025, no asset other than bitcoin and ether individually represented more than 10% of our Trading Volume. During the three months ended March 31, 2026, no asset other than bitcoin and ether individually represented more than 10% of our exchange revenue. During the three months ended March 31, 2025, no asset other than bitcoin, ether and XRP individually represented more than 10% of our exchange revenue.
Current wording
2026, no asset other than bitcoin and ether individually represented more than 10% of our exchange revenue. During the three and six months ended June 30, 2025, no asset other than bitcoin, ether, and XRP individually represented more than 10% of our exchange revenue.
Previous wording
Historically, we have derived a material portion of our Assets on Platform from the storage of bitcoin and ether. As of March 31, 2026, bitcoin, ether, and other crypto assets represented 63.1%, 18.9%, and 13.5% of Assets on Platform, respectively, and customer custodial fiat assets represented 4.5% of Assets on Platform. As of March 31, 2025, bitcoin, ether, and other crypto assets represented 74.6%, 12.7%, and 9.2% of Assets on Platform, respectively, and customer custodial fiat assets represented 3.5% of Assets on Platform.
Current wording
Historically, we have derived a material portion of our Assets on Platform from the storage of bitcoin and ether. As of June 30, 2026, bitcoin, ether, and other crypto assets represented 65.5%, 15.5%, and 14.3% of Assets on Platform, respectively, and customer custodial fiat assets represented 4.8% of Assets on Platform. As of June 30, 2025, bitcoin, ether, and other crypto assets represented 74.7%, 14.3%, and 8.2% of Assets on Platform, respectively, and customer custodial fiat assets represented 2.7% of Assets on Platform.
Previous wording
Management believes that Adjusted EBITDA, which is a measure not presented in accordance with GAAP, provides investors with additional useful information in evaluating our performance. We use this non-GAAP measure internally to evaluate performance and to make financial, investment and operational decisions. We believe that presentation of this non-GAAP measure provides investors with greater transparency with respect to our operating results and that this measure is useful for period-to-period comparisons of results. Management also believes that providing this non-GAAP measure helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such matters. Among other non-cash and non-recurring items, Adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy. In addition, on February 5, 2026, the Company announced its plans to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia. As such, beginning with this quarter, Adjusted EBITDA also excludes related restructuring charges, which primarily relate to workforce reductions, lease exit costs, and other actions taken to streamline our operations and that we believe are unusual in nature and/or infrequent in occurrence and are not indicative of our ongoing operating activities.
Current wording
Management believes that Adjusted EBITDA, which is a measure not presented in accordance with GAAP, provides investors with additional useful information in evaluating our performance. We use this non-GAAP measure internally to evaluate performance and to make financial, investment and operational decisions. We believe that presentation of this non-GAAP measure provides investors with greater transparency with respect to our operating results and that this measure is useful for period-to-period comparisons of results. Management also believes that providing this non-GAAP measure helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such matters. Among other non-cash and non-recurring items, Adjusted EBITDA excludes stock-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy. In addition, on February 5, 2026, the Company announced its plans to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia. As such, beginning with the quarter ended March 31, 2026, Adjusted EBITDA also excludes related restructuring charges, which primarily relate to workforce reductions, lease exit costs, and other actions taken to streamline our operations and that we believe are unusual in nature and/or infrequent in occurrence and are not indicative of our ongoing operating activities.
Previous wording
The following table represents a reconciliation of net income (loss) to Adjusted EBITDA for the three months ended March 31, 2026 and 2025:
Current wording
The following table represents a reconciliation of net income (loss) to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025:
Previous wording
Our future growth depends in part on our ability to expand the breadth of crypto assets and markets available on our platform. We are actively enhancing our token offerings for both trading and custody services and supporting emerging blockchain protocol features, such as expanding staking capabilities to provide additional yield opportunities for our users. The December 2025 launch of Gemini Predictions™ marked our expansion beyond crypto into event contracts, and we continue to evaluate opportunities to offer additional markets, including equities, tokenized securities, and other derivatives, subject to regulatory approval and market demand. We expect to continue to incur costs in expanding supported assets and markets with the objective of diversifying our revenue streams, capturing increased trading volume and transaction revenue, and deepening user engagement.
Current wording
Our future growth depends in part on our ability to expand the breadth of crypto assets and markets available on our platform. We are actively enhancing our token offerings for both trading and custody services and supporting emerging blockchain protocol features, such as expanding staking capabilities to provide additional yield opportunities for our users. The December 2025 launch of Gemini Predictions™ marked our expansion beyond crypto into event contracts, and in July 2026, we began to offer U.S. equities to certain U.S. customers in U.S. states where we are licensed to do so. We continue to evaluate opportunities to offer additional markets, including tokenized securities, and other derivatives, subject to regulatory approval and market demand. We expect to continue to incur costs in expanding supported assets and markets with the objective of diversifying our revenue streams, capturing increased trading volume and transaction revenue, and deepening user engagement.
Previous wording
Our future growth depends in part on our ability to successfully identify acquisition, investment, and partnership opportunities. We have in the past made acquisitions to bring new capabilities to our platform and will continue to explore new acquisition opportunities that we believe are complementary to our platform. Through our strategic venture arm, Gemini Frontier Fund, we expect to continue to evaluate investment opportunities in early-stage crypto projects and startups. We will also continue to explore and enter into strategic partnerships with various companies to scale our business, including, but not limited to, partnerships to increase traffic to our platform and banking and payment processor partnerships, such as our existing partnership with Mastercard. Over the long term, we expect these partnerships will drive an increase in our MTUs and diversify our revenue streams. Any such acquisition, investment or partnership opportunities may add additional costs during the evaluation or transitional phase before any benefits are fully captured or may otherwise affect our operating results in a given period.
Current wording
Our future growth depends in part on our ability to successfully identify acquisition, investment, and partnership opportunities. We have in the past made acquisitions to bring new capabilities to our platform and will continue to explore new acquisition and partnership opportunities that we believe are complementary to our platform. Through our strategic venture arm, Gemini Frontier Fund, we expect to continue to evaluate investment opportunities in early-stage crypto projects and startups. We will also continue to explore and enter into strategic partnerships with various companies to scale our business, including, but not limited to, partnerships to increase traffic to our platform, our various products, and banking and payment processor partnerships, such as our existing partnership with Mastercard. Over the long term, we expect these partnerships can help drive an increase in our MTUs and diversify our revenue streams. Any such acquisition, investment or partnership opportunities may add additional costs during the evaluation or transitional phase before any benefits are fully captured or may otherwise affect our operating results in a given period.
Previous wording
Comparison of Components of Results of Operations for the Three Months Ended March 31, 2026 and 2025
Current wording
Comparison of Components of Results of Operations for the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
OTC revenue increased by $6.2 million, or 4803%, for the three months ended March 31, 2026, primarily driven by increased activity from a small number of large institutional clients, including several high-value trades during the period. These transactions were driven by opportunistic, client-driven demand and may not recur at similar levels in future periods. The increase was further supported by continued growth in the Company’s electronic OTC (eOTC) offering, including expansion of its API client base and increased engagement from existing institutional counterparties.
Current wording
OTC revenue increased by $4.1 million, or 671%, and $10.3 million, or 1391% for the three and six months ended June 30, 2026, respectively, primarily driven by higher institutional client activity, including several large-value, client-driven transactions executed during the period. The increase was further supported by continued expansion in the Company's electronic OTC (eOTC) platform, including expansion of its API client base and increased engagement from existing institutional counterparties. Because OTC trading activity is largely driven by client demand and transaction size, these revenue levels may not be indicative of future periods.
Previous wording
Prediction markets revenue increased driven by the launch of Gemini Predictions in December 2025, which introduced a new source of revenue and contributed approximately $0.4 million of revenue for the three months ended March 31, 2026.
Current wording
Prediction markets revenue increased due to the launch of Gemini Predictions in December 2025, which introduced a new source of revenue with no comparable revenue in the prior-year periods. Prediction markets contributed approximately $0.5 million and $1.0 million of revenue for the three and six months ended June 30, 2026, respectively.
Previous wording
Credit card revenue increased by $11.0 million, or 292%, for the three months ended March 31, 2026, primarily driven by continued growth in the Gemini Credit Card user base and increased cardholder activity, which contributed to higher transaction volumes and revenue. The expansion of the cardholder base over time, including higher sign-ups in recent periods, supported this growth.
Current wording
Credit card revenue increased by $11.3 million, or 231%, and $22.2 million, or 258%, for the three and six months ended June 30, 2026, respectively, primarily driven by the expansion of the Gemini Credit Card program, including user base growth and increased cardholder activity, which contributed to higher transaction volumes and revenue. The year-over-year increase also reflects the lower revenue base during the comparable 2025 periods as the program continued to scale.
Previous wording
Advisory fee revenue for the three months ended March 31, 2026, increased due to an advisory services agreement with a strategic customer introduced in the third quarter of 2025. Under this arrangement, we provide advisory services and receive warrants as consideration. Revenue is recognized over time as services are being provided based on the fair value of the warrants at grant date. This arrangement contributed approximately $2.7 million of revenue for the three months ended March 31, 2026.
Current wording
Advisory fee revenue for the three and six months ended June 30, 2026, increased due to an advisory services agreement with a strategic customer introduced in the third quarter of 2025. Under this arrangement, we provide advisory services and receive warrants as consideration. Revenue is recognized over time as services are being provided based on the fair value of the warrants at grant date. This arrangement contributed approximately $2.7 million and $5.4 million of revenue for the three and six months ended June 30, 2026, respectively.
Previous wording
Other services revenue for the three months ended March 31, 2026, increased primarily due to the introduction of new onchain offerings, including integrations and token listing services. These services generated approximately $0.4 million in revenue as we expanded our ecosystem partnerships and provided technical support for new token launches. Given the project-based nature of these services, revenue may fluctuate from period to period depending on the size of integration or listing engagements.
Current wording
Other services revenue for the six months ended June 30, 2026 increased $0.4 million due to the introduction of new onchain offerings, including integrations and token listing services in the fourth quarter of 2025.
Previous wording
There was no material change in Other revenue for the three months ended March 31, 2026.
Current wording
There was no material change in Other revenue for the three and six months ended June 30, 2026.
Previous wording
Corporate interest increased by $1.5 million for the three months ended March 31, 2026, primarily driven by higher interest earned on operating accounts as a result of higher average cash balances throughout the year.
Current wording
Corporate interest increased by $1.3 million, or 344%, and $2.8 million, or 557%, for the three and six months ended June 30, 2026, respectively, primarily driven by higher interest earned on operating accounts as a result of higher average cash balances throughout the year.
Previous wording
Salaries and compensation expenses increased by $31.2 million, or 91%, for the three months ended March 31, 2026, primarily driven by a $22.7 million increase in stock-based compensation related to equity awards issued in connection with the IPO. Stock-based compensation in the current period was partially reduced by approximately $7.1 million, net of certain accelerated expense for executives, reflecting forfeitures of awards in connection with the reduction in force in February 2026.
Current wording
Salaries and compensation expenses increased by $11.4 million, or 31%, and $42.6 million, or 60%, for the three and six months ended June 30, 2026, respectively, primarily driven by a $18.6 million and $41.3 million increase in stock-based compensation related to equity awards issued in connection with the IPO. Stock-based compensation for the six months ended June 30, 2026 was partially reduced by approximately $7.1 million of forfeitures associated with the February 2026 reduction in force, net of accelerated expense recognized for certain executives.
Previous wording
Severance costs increased by $6.5 million in the three months ended March 31, 2026, primarily in connection with the reduction in force affecting approximately 200 employees, including certain officers and directors.
Current wording
Severance costs increased by $6.5 million for the six months ended June 30, 2026, primarily in connection with the February 2026 reduction in force affecting approximately 200 employees, including certain officers and directors.
Previous wording
Employee compensation, excluding stock-based compensation and severance, increased by $1.9 million, or 6%, compared to the three months ended March 31, 2025. This increase was primarily driven by $1.5 million of higher bonuses associated with increased business activity, and $1.0 million of higher payroll taxes related to equity award releases following the IPO. These increases were partially offset by a $0.8 million decrease in employee compensation reflecting the partial impact of the reduction in force announced in February 2026.
Current wording
Employee compensation, excluding stock-based compensation and severance, decreased by $7.2 million, or 20%, and $5.2 million, or 8% for the three and six months ended June 30, 2026, respectively. The decrease is primarily due to a $10.0 million and $9.4 million decrease in employee compensation and payroll taxes reflecting the impact of the reduction in force announced in February 2026. This was partially offset by $2.8 million and $4.2 million of higher bonuses associated with increased institutional sales activity.
Previous wording
Technology expenses increased by $5.4 million, or 32%, for the three months ended March 31, 2026, primarily due to higher cloud computing costs of $6.2 million associated with increased transaction activity and platform growth. These increases were partially offset by a $0.8 million decrease in equipment-related costs and amortization expense and impairment, reflecting the full amortization of certain capitalized technology assets in prior periods.
Current wording
Technology expenses increased by $1.0 million, or 5%, and $6.4 million, or 18%, for the three and six months ended June 30, 2026, respectively, primarily due to higher cloud computing and infrastructure costs of $1.3 million and $7.5 million, respectively, supporting the Company's expanding product offerings, including the growth of the credit card platform and other strategic initiatives. These increases were partially offset by a $0.4 million and $1.2 million decrease in equipment-related costs and amortization expense and impairment for the three and six months ended June 30, 2026, respectively, reflecting the full amortization of certain capitalized technology assets in prior periods.
Previous wording
Transaction losses increased by $7.0 million, or 169%, for the three months ended March 31, 2026, primarily driven by higher provision for expected credit losses on credit card receivables, which increased by $2.0 million as a result of growth in the credit card portfolio.
Current wording
Transaction losses increased by $16.6 million, or 467%, and $23.6 million, or 307%, for the three and six months ended June 30, 2026, respectively, primarily driven by higher provision for expected credit losses on credit card receivables, which increased by $14.4 million and $16.4 million, respectively. Compared to the prior-year periods, the higher provision reflects the significant growth and continued maturation of the credit card portfolio as well as higher expected credit losses, including those associated with a fraud-related cohort identified during the first quarter of 2026. During the three months ended June 30, 2026, the affected accounts continued to mature through the delinquency cycle and management's investigation identified additional fraud patterns and affected accounts associated with the same earlier-identified fraud cohort, resulting in updated estimates of expected credit losses reflected in the June 30, 2026 allowance. For the six months ended June 30, 2026, transaction losses also included a $4.1 million discrete fraud reserve recognized during the first quarter of 2026 in response to the initial fraud event.
Previous wording
Transaction processing expenses decreased $0.1 million, or 3%, for the three months ended March 31, 2026, primarily due to a $1.3 million decrease in staking rewards, reflecting lower staking activity and related revenue. In addition, minting and mining-related fees decreased $0.1 million, driven in part by lower average network gas prices, which reduced transaction costs associated with exchange activity. These decreases were partially offset by a $1.0 million increase in processing fees, primarily related to costs associated with newly introduced and expanded products, including clearing fees for prediction markets activity and fees paid to market makers. Banking and compliance service fees also increased by $0.2 million.
Current wording
Transaction processing expenses increased by $0.7 million, or 14%, and $0.6 million, or 6%, for the three and six months ended June 30, 2026, respectively. The increase was primarily driven by higher processing fees of $0.8 million and $1.8 million, respectively, associated with newly introduced and expanded products, including clearing fees and market maker fees related to Gemini Predictions. These increases were partially offset by decreases in banking and compliance service fees of $0.7 million and $0.5 million, respectively, as well as lower minting and mining-related fees, reflecting lower average blockchain network gas prices.
Previous wording
Change in fair value on related party convertible notes and related party loans for the three months ended March 31, 2025, represents the periodic remeasurement of these instruments at fair value. Upon IPO, these instruments were converted into equity, resulting in no further impact from fair value remeasurement in the current period.
Current wording
Change in fair value on related party convertible notes and related party loans for the three and six months ended June 30, 2025, respectively, represents the periodic remeasurement of these instruments at fair value. Upon IPO, these instruments were converted into equity, resulting in no further impact from fair value remeasurement in the current-year periods.
Previous wording
Interest expense on related party loans decreased by $10.6 million, or 76%, for the three months ended March 31, 2026, primarily due to lower average outstanding principal balances on such loans, compared with the three months ended March 31, 2025.
Current wording
Interest expense on related party loans decreased by $13.6 million, or 83%, and $24.2 million, or 80%, for the three and six months ended June 30, 2026, respectively, primarily due to lower average outstanding principal balances following the repayment and reduction of related-party crypto asset borrowings compared with the prior-year periods.
Previous wording
Interest expense on funding debt for the three months ended March 31, 2026 represents interest on the Ripple Credit Agreement (as defined below), a funding arrangement entered into in July 2025 to finance our credit card receivables. There was no comparable interest expense in the prior year.
Current wording
Interest expense on funding debt for the three and six months ended June 30, 2026 represents interest on the Ripple Credit Agreement (as defined below), a funding arrangement entered into in July 2025 to finance our credit card receivables. There was no comparable interest expense in the prior year.
Previous wording
Market-driven valuation changes, including unrealized foreign currency translation gains and losses, gains and losses on derivatives, and changes in the fair value of strategic investments and warrants, resulted in a $1.2 million gain in the current year, compared to a $2.7 million gain the prior year. The remaining change reflects normal period-to-period variability in other operating-related items.
Current wording
Market-driven valuation changes, including unrealized foreign currency translation gains and losses, gains and losses on derivatives, and changes in the fair value of strategic investments and warrants, resulted in a $0.6 million and $1.8 million gain in the three and six months ended June 30, 2026, compared to a $5.8 million and $3.1 million loss in the same periods prior year. Other increased primarily due to the extinguishment of certain phantom unit liabilities during the six-month period. The remaining change reflects normal period-to-period variability in other operating-related items.
Previous wording
Income tax provision was $21 thousand for the three months ended March 31, 2026, compared to an income tax benefit of $5.0 million for the three months ended March 31, 2025. The change was primarily attributed to an adjustment to the valuation allowance on our deferred tax balances.
Current wording
Income tax provision was $22 thousand and $43 thousand for the three and six months ended June 30, 2026, compared to an income tax provision of $0.1 million and income tax benefit of $4.9 million for the three and six months ended June 30, 2025. The change was primarily attributed to an adjustment to the valuation allowance on our deferred tax balances.
Previous wording
Since our inception, we have historically financed our operations primarily with cash flow from operating activities, proceeds from the private sale of equity securities, related party indebtedness from Winklevoss Capital Fund (“WCF”) denominated in bitcoin, ether, or U.S. dollars, and loan agreements with unrelated third parties. We utilize crypto assets, specifically bitcoin, as a treasury asset and given our belief that bitcoin is a better store of value and hedge against inflation than fiat, we have generally sought to incur borrowing costs in U.S. dollars rather than sell bitcoin.
Current wording
Since our inception, we have historically financed our operations primarily with cash flow from operating activities, proceeds from the private sale of equity securities, related party indebtedness from Winklevoss Capital Fund denominated in bitcoin, ether, or U.S. dollars, and loan agreements with unrelated third parties. We utilize crypto assets, specifically bitcoin, as a treasury asset and given our belief that bitcoin is a better store of value and hedge against inflation than fiat, we have generally sought to incur borrowing costs in U.S. dollars rather than sell bitcoin.
Previous wording
As of March 31, 2026 and December 31, 2025, we had (i) cash and cash equivalents of $215.6 million and $252.2 million, respectively, which consisted primarily of cash and highly liquid investments with an original maturity of three months or less when purchased; (ii) restricted cash and cash equivalents of $103.7 million and $115.3 million, respectively, which consisted primarily of cash deposited into money market funds and restricted cash deposits held at financial institutions as part of our capital reserve requirements and as collateral associated with our banking partnerships and surety bonds; and (iii) customer custodial funds of $483.8 million and $527.4 million, respectively, which consisted of restricted cash and cash equivalents maintained in segregated bank accounts that are held for the exclusive benefit of users. We restrict the use of the assets underlying the customer custodial funds to meet regulatory requirements and classify the assets as current based on their purpose and availability to fulfill our direct obligation under custodial funds due to users.
Current wording
As of June 30, 2026 and December 31, 2025, we had (i) cash and cash equivalents of $188.6 million and $252.2 million, respectively, which consisted primarily of cash and highly liquid investments with an original maturity of three months or less when purchased; (ii) restricted cash and cash equivalents of $103.5 million and $115.3 million, respectively, which consisted primarily of cash deposited into money market funds and restricted cash deposits held at financial institutions as part of our capital reserve requirements and as collateral associated with our banking partnerships and surety bonds; and (iii) customer custodial funds of $454.7 million and $527.4 million, respectively, which consisted of restricted cash and cash equivalents maintained in segregated bank accounts that are held for the exclusive benefit of users. We restrict the use of the assets underlying the customer custodial funds to meet regulatory requirements and classify the assets as current based on their purpose and availability to fulfill our direct obligation under custodial funds due to users.
Previous wording
Additionally, Crypto assets held on our condensed consolidated balance sheets represent corporate assets that are used as part of the ordinary course of business. We use crypto assets primarily to support our core operations, facilitate the efficiency of the exchange, and as a reserve to satisfy regulatory requirements for certain subsidiaries. Uses to support core operations include receiving crypto assets as a form of payment for Transaction revenue and Services revenue. Crypto assets received as a form of payment are converted to cash or used to fulfill operating expenses, including crypto rewards. Certain crypto assets are designated to satisfy regulatory capital or reserve requirements imposed by certain jurisdictions and regulators. These assets are subject to operational and regulatory restrictions that limit their use in day-to-day business operations. Applicable regulatory frameworks require us to maintain a minimum level of assets to meet ongoing licensing and regulatory obligations and prohibit the lending, pledging, rehypothecation and encumbrance of such assets, but do not prohibit the sale thereof. As of March 31, 2026 and December 31, 2025, we held approximately $66.4 million and $237.9 million, respectively, in crypto assets for regulatory requirements.
Current wording
Additionally, Crypto assets held on our condensed consolidated balance sheets represent corporate assets that are used as part of the ordinary course of business. We use crypto assets primarily to support our core operations, facilitate the efficiency of the exchange, and as a reserve to satisfy regulatory requirements for certain subsidiaries. Uses to support core operations include receiving crypto assets as a form of payment for Transaction revenue and Services revenue. Crypto assets received as a form of payment are converted to cash or used to fulfill operating expenses, including crypto rewards. Certain crypto assets are designated to satisfy regulatory capital or reserve requirements imposed by certain jurisdictions and regulators. These assets are subject to operational and regulatory restrictions that limit their use in day-to-day business operations. Applicable regulatory frameworks require us to maintain a minimum level of assets to meet ongoing licensing and regulatory obligations and prohibit the lending, pledging, rehypothecation and encumbrance of such assets, but do not prohibit the sale thereof. As of June 30, 2026 and December 31, 2025, we held approximately $56.8 million and $237.1 million, respectively, in crypto assets for regulatory requirements.
Previous wording
Subsequent to quarter end, on May 14, 2026, we completed a $100.0 million private placement of Class A common stock with WCF, with consideration paid in Bitcoin (the "Private Placement"). For additional information, refer to our Current Report on Form 8-K, filed with the SEC on May 14, 2026. This transaction further strengthened our liquidity position and provides additional financial flexibility to support our operations and strategic initiatives.
Current wording
On May 14, 2026, we completed a $100.0 million private placement of Class A common stock with WCF, with consideration paid in bitcoin (the "Private Placement"). Because the proceeds were received in bitcoin rather than cash, their value is subject to changes in the market price of bitcoin. During the period, we liquidated a portion of the bitcoin received to fund operating activities and strategic initiatives. As of June 30, 2026, we held approximately 988 bitcoin received in connection with the Private Placement, with an aggregate fair value of approximately $57.9 million. For additional information regarding the Private Placement, refer to our Current Report on Form 8-K, filed with the SEC on May 14, 2026.
Previous wording
We believe our existing cash and cash equivalents, together with the proceeds from the Private Placement, which increased our available liquidity, the proceeds from the IPO and the anticipated cost savings and operating efficiencies resulting from our strategic initiatives, including related to the Restructuring, will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. We continually evaluate opportunities to optimize our cost structure and capital allocation as part of normal business operations. We may also pursue financing activities from time to time to support strategic initiatives and provide additional financial flexibility. Our future capital requirements will depend on many factors, including, but not limited to, continued market acceptance of crypto assets and blockchain technology, our ability to attract and retain users on our platform, the continuing market acceptance of our products and services, and overall economic conditions. See Part II, Item 1A. “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in dilution to our stockholders. The incurrence of debt financing would result in debt service obligations and the instruments governing such debt could provide for covenants that would restrict our operations. In the event that additional financing is required from outside sources, there is a possibility we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, operating results, and financial condition could be adversely affected.
Current wording
We believe our existing cash and cash equivalents, together with available borrowing capacity under our financing arrangements, the proceeds from the Private Placement, which increased our available liquidity, and the anticipated cost savings and operating efficiencies resulting from our strategic initiatives, including related to the Restructuring, will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months. We continue to actively manage our capital structure and evaluate additional financing opportunities that may enhance liquidity, support strategic initiatives, and provide additional financial flexibility. Our future capital requirements will depend on many factors, including, but not limited to, continued market acceptance of crypto assets and blockchain technology, our ability to attract and retain users on our platform, the continuing market acceptance of our products and services, and overall economic conditions. See Part II, Item 1A. “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. The sale of additional equity would result in dilution to our stockholders. The incurrence of debt financing would result in debt service obligations and the instruments governing such debt could provide for covenants that would restrict our operations. In the event that additional financing is required from outside sources, there is a possibility we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, operating results, and financial condition could be adversely affected.
Previous wording
We have historically entered into lending agreements with WCF to borrow ETH and BTC at loan fees between 4% and 8% per annum. As of March 31, 2026, loans in respect of 0 ETH and 3,691 BTC remained outstanding under these agreements. The purpose of these lending agreements includes meeting capital reserve requirements of regulators as well as satisfying collateral obligations under agreements with unrelated third parties. These lending agreements with WCF do not contain affirmative or negative covenants and are prepayable at our option, with no fixed maturity date. However, WCF may require repayment at any time upon written notice.
Current wording
We have historically entered into lending agreements with WCF to borrow ether and bitcoin at loan fees between 4% and 8% per annum. As of June 30, 2026, loans in respect of 0 ether and 4,419 bitcoin remained outstanding under these agreements. The purpose of these lending agreements includes meeting capital reserve requirements of regulators as well as satisfying collateral obligations under agreements with unrelated third parties. These lending agreements with WCF do not contain affirmative or negative covenants and are prepayable at our option, with no fixed maturity date. However, WCF may require repayment at any time upon written notice.
Showing the first 40 of 52 pairs. Open the source sections for the rest.
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Current report — wording carried from elsewhere
During the three and six months ended June 30, 2026 and 2025, no asset other than bitcoin and ether individually represented more than 10% of our Trading Volume. During the three and six months ended June 30,
Current report — wording carried from elsewhere
Receivables purchased under this program are recorded on our consolidated balance sheets as Credit card receivables pledged and Accounts receivable, net. As of June 30, 2026, we had purchased $219.6 million in Gemini Credit Card customer receivables pursuant to this arrangement. Amounts payable to the Issuing Bank for receivables purchased but not yet settled in cash were $20.5 million and $12.8 million as of June 30, 2026 and December 31, 2025, respectively. See Note 12. Accrued Expenses and Other Current Liabilitiesfor additional details.