NEW YORK, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Gemini Space Station, Inc. ("Gemini," the "Company," "we," or "us") (NASDAQ: GEMI), a global crypto and markets platform, today announced financial results for the quarter ended June 30, 2026.
Total revenue grew 37% year-over-year to $45.5 million from $33.3 million. Notably, this revenue growth took place amid a softened crypto market, with a 38% year-over-year drop in exchange revenue from $20.2 million to $12.5 million. Services revenue led the way for this growth, with a 149% year-over-year increase from $9.5 million to $23.5 million.
Gemini also continued to realize the benefits of the cost optimization initiatives announced earlier in 2026. Operating loss improved by approximately $17.2 million, or 18%, sequentially, while total operating expenses declined 15% sequentially to $122.4 million from $144.5 million in the first quarter of 2026, reflecting lower restructuring costs, reduced stock-based compensation, and continued expense discipline across the business.
"While we still have work to do as a company, this quarter's results reflect our ongoing efforts to reduce operating expenses while diversifying revenue," said Tyler Winklevoss, CEO of Gemini. "Despite crypto market headwinds, we're making significant strides towards building a more resilient company by developing multiple paths to revenue that are less sensitive to crypto market forces and reducing operating expenses."
"The Gemini platform has changed more in the past nine months than it did in the past decade, most recently with the addition of commission-free stock trading in July," said Cameron Winklevoss, President of Gemini. "We're providing more ways than ever for customers to interact with our platform. People started by trusting us with their crypto, a new and emergent asset class, and now they are trusting us with equities, predictions, our credit card, and more."
Second Quarter Results:
-- Total revenue increased 37% year-over-year to $45.5 million, driven by
strong growth in services revenue.
-- Transaction revenue dropped 15% year-over-year from $20.8 million
to $17.8 million, driven by a significant decline in crypto
trading volumes amid challenging crypto market conditions.
-- Exchange revenue decreased 38% year-over-year to $12.5
million, reflecting a softer crypto market, with total
trading volume declining to $3.8 billion from $11.3 billion
in Q2 2025.
-- OTC revenue increased to $4.7 million from $0.6 million in
Q2 2025, driven by higher institutional client activity,
including several larger trades during the quarter and
continued expansion of our electronic OTC (eOTC) platform.
-- Prediction markets revenue was $0.5 million, reflecting a
new, small and growing segment of transaction revenue.
-- Services revenue and interest income increased 117% year-over-year
to $26.0 million, driven primarily by credit card and staking
revenue.
-- Credit card revenue increased 231% year-over-year to $16.2
million. This increase was primarily driven by significant
year over year growth in the Gemini Credit Card user base.
-- Staking revenue increased 50% year-over-year to $4.0
million reflecting the continued expansion of our staking
offerings, including building out in-house staking
validator capabilities.
-- Advisory fee revenue was $2.7 million, reflecting an
advisory services agreement with a strategic customer
entered into in Q3 2025.
-- Custodial fee revenue was $0.6 million, dropping from $1.9
million in Q2 2025. This drop was due in part to a decrease
in crypto asset prices and select institutional custody net
outflows this year.
-- Interest income was $2.4 million, roughly flat from Q2
2025.
-- Total operating expenses increased 24% year-over-year to $122.4 million.
The year-over-year increase was driven primarily by higher stock-based
compensation associated with the Company's IPO and credit card-related
costs reflecting the growing credit card portfolio. Despite the
year-over-year increase, total operating expenses declined 15%
sequentially from the first quarter of 2026, reflecting the benefits of
the Company's cost optimization initiatives announced earlier in the year,
including its February 2026 reduction in force and exits from
international markets.
-- Salaries and compensation increased 31% year-over-year to $48.2
million, reflecting $20.3 million in stock-based compensation.
Without stock-based compensation, total salaries and compensation
decreased by 20% to $27.9 million reflecting the benefits of the
February 2026 reduction in force.
-- Sales and marketing decreased 45% year-over-year to $8.8 million
reflecting the Company's disciplined approach to discretionary
marketing spending amid weaker crypto market conditions. Within
sales and marketing:
-- Marketing acquisition and brand spend decreased 99%
year-over-year to $0.1 million, reflecting intentional
reductions in discretionary marketing spend as the Company
prioritized operating efficiencies and realizing the cost
savings related to its restructuring activities in H1'26.
-- Credit card rewards and promotional and referral incentives
increased 33% year-over-year to $8.7 million, driven
primarily by higher credit card crypto rewards tied to the
significant growth in cardholders.
-- Transaction losses increased from $3.6 million to $20.1 million
year-over-year, primarily driven by a $16.1 million provision for
credit losses on the credit card portfolio. The higher provision
was impacted by an identity fraud event identified earlier in
2026. The Company initially established a $4.1 million discrete
reserve during the first quarter of 2026 based on information
available at that time. As the investigation progressed,
additional fraud patterns and affected accounts were identified
associated with the same Q1 origination cohort and the related
accounts migrated into later-stage delinquency buckets during the
second quarter. As a result, management updated its estimate of
expected losses under the Company's CECL methodology. Managed
credit card receivables grew to $219.6 million at quarter-end from
$93.5 million a year ago. Based on its current analysis,
management believes the elevated provision is concentrated within
this identified fraud-related cohort and does not reflect
broad-based deterioration in the underlying credit portfolio. The
Company has implemented additional fraud detection and account
monitoring measures this quarter in response to the identified
activity.
-- Technology expenses remained relatively flat year-over-year at
$18.8 million, as increased infrastructure investments to support
platform growth and new product launches were largely offset by
cost optimization initiatives.
-- General and administrative expenses increased 7% year-over-year to
$20.6 million, driven by higher legal expenses.
-- Operating loss improved 18% sequentially, marking the third consecutive
quarter of improvement and reflecting continued operating leverage from
the Company's cost optimization initiatives.
-- Net loss decreased 19% year-over-year to $107.7 million, compared to
$133.2 million in Q2 2025.
-- Net loss per share, basic and diluted, was $(0.89), compared to $27.08 in
Q2 2025.
-- Adjusted EBITDA decreased to $(74.0) million, compared to $(51.9) million
in Q2 2025. The decrease was primarily attributable to market-driven
realized and unrealized losses on bitcoin received in connection with the
Company's May 2026 private placement following declines in bitcoin
prices. The Company otherwise continued to benefit from revenue growth
and improved operating leverage resulting from its cost optimization
initiatives.
-- Cash and cash equivalents totaled $188.6 million, compared with $252.2
million in Q4 2025.
-- Monthly Transacting Users were up 11% year-over-year to 580,000.
-- Assets on Platform were $8.4 billion as of Q2 2026, compared to $18.2
billion as of Q2 2025, reflecting lower crypto asset valuations relative
to the elevated market levels in the prior year period and select
institutional custody asset outflows.
Business Highlights
Gemini Launched Commission-Free Stock Trading To Build Financial Super App
-- On July 7, 2026, Gemini announced the launch of stock trading with 0%
commissions for United States customers in eligible states.
-- Combined with our Designated Contract Market (DCM) and Derivatives
Clearing Organization $(DCO)$ licenses, which we secured in December 2025
and April 2026, respectively, this launch is another critical step on the
company's path to operating a full-stack regulated marketplace spanning
multiple trading offerings, including spot crypto, prediction markets,
derivatives, and now U.S. equities.
Gemini's Derivatives Clearinghouse Is Now Live Following DCO Approval in April
-- On August 4, 2026, Gemini's derivatives clearinghouse went live, allowing
Gemini to settle its own predictions contracts. This is part of Gemini's
plans to explore expanding its derivatives offering for U.S. customers to
include crypto futures, options, and perpetual futures contracts or
perps.
-- This news follows the announcement that Gemini received its Derivatives
Clearing Organization (DCO) license from the Commodity Futures Trading
Commission (CFTC) on April 29, 2026. Gemini also received its Designated
Contract Market (DCM) license from the CFTC in December 2025.
Gemini Predictions Continues To See Record Monthly Volumes Since April
-- Gemini Predictions set a new monthly volume record in each month of the
second quarter, with event contracts traded up 93% quarter-over-quarter.
Cumulative contracts traded since the December 2025 launch surpassed 225
million.
-- Gemini invested in marketplace liquidity and trader experience during the
quarter, tripling the number of contracted market makers on Gemini
Predictions, introducing new maker and taker incentive programs, and
expanding market maker infrastructure with improvements to our
Predictions API.
Conference Call
As previously announced, management will host a conference call tomorrow, August 14, 2026, at 8:30 a.m. E.T to discuss its Q2 2026 earnings results. The event will be webcast live via our investor relations website.
Call registration and webcast details are available on the Events page of our investor relations website https://investors.gemini.com/ ahead of the call. Following the call, a replay and transcript, as well as copies of Gemini's earnings press release and earnings presentation, will also be available at https://investors.gemini.com/. The information on our website or accessible through our website is not incorporated or a part of this earnings release.
Gemini Space Station, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited)
June 30, December 31,
2026 2025
Assets
Current assets:
Cash and cash equivalents $ 188,618 $ 252,215
Restricted cash and cash equivalents 103,506 115,279
Customer custodial funds 454,717 527,354
Crypto assets held 331,048 439,622
Accounts receivable, net 24,425 30,887
Credit card receivables pledged, net 181,994 188,754
Prepaid expenses and other current
assets 43,490 52,140
---------- ----------
Total current assets 1,327,798 1,606,251
---------- ----------
Software, property and equipment, net 13,242 15,083
Intangible assets, net 128,687 139,805
Other non-current assets, net 32,868 40,708
---------- ----------
Total assets $ 1,502,595 $ 1,801,847
========== ==========
Liabilities and Stockholders' Equity
Current liabilities:
Custodial funds due to customers $ 454,588 $ 527,307
Accounts payable 6,221 2,647
Accrued expenses 37,081 42,679
Third party loans 75,016 75,151
Related party loans 258,765 403,931
Funding debt 147,382 154,374
Other current liabilities 42,664 34,315
---------- ----------
Total current liabilities 1,021,717 1,240,404
---------- ----------
Non-current liabilities:
Lease liabilities 12,571 20,570
---------- ----------
Total non-current liabilities 12,571 20,570
---------- ----------
Total liabilities 1,034,288 1,260,974
---------- ----------
Commitments and contingencies
Stockholders' equity:
Class A common stock, par value
$0.001 per share; 1,000,000 shares
authorized; 52,238 and 42,329
shares issued and outstanding as of
June 30, 2026 and December 31,
2025, respectively 54 43
Class B common stock, par value
$0.001 per share; 100,000 shares
authorized; 75,127 shares issued
and outstanding as of June 30, 2026
and December 31, 2025 75 75
Preferred stock, par value $0.001
per share; 20,000 shares
authorized, no shares issued and
outstanding as of June 30, 2026 and
December 31, 2025 -- --
Treasury stock at cost; 1,303 and
284 shares as of June 30, 2026 and
December 31, 2025, respectively (572) (568)
Additional paid-in capital 2,727,920 2,583,689
Accumulated other comprehensive
income 785 887
Accumulated deficit (2,259,955) (2,043,253)
---------- ----------
Total stockholders' equity 468,307 540,873
---------- ----------
Total liabilities and
stockholders' equity $ 1,502,595 $ 1,801,847
========== ==========
Gemini Space Station, Inc.
Condensed Consolidated Statements of Operations and
Comprehensive Loss
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended June
June 30, 30,
---------------------- ------------------------
2026 2025 2026 2025
-------- --------
Revenue:
Net revenue $ 43,704 $ 32,797 $ 92,282 $ 67,914
Other revenue 1,771 492 3,465 697
-------- -------- -------- --------
Total revenue 45,475 33,289 95,747 68,611
-------- -------- -------- --------
Operating expenses:
Salaries and
compensation 48,223 36,829 113,651 71,101
Technology 18,758 17,799 40,848 34,473
General and
administrative 20,585 19,248 42,265 33,247
Transaction losses 20,147 3,553 31,237 7,683
Sales and marketing 8,818 16,122 27,889 25,158
Transaction
processing 5,885 5,173 10,986 10,411
-------- -------- -------- --------
Total operating
expenses 122,416 98,724 266,876 182,073
-------- -------- -------- --------
Operating loss (76,941) (65,435) (171,129) (113,462)
-------- -------- -------- --------
Other income
(expense):
Realized and
unrealized gain
(loss) on crypto
assets and
receivable, crypto
assets pledged (60,720) 166,784 (161,697) 37,855
Realized and
unrealized gain
(loss) on related
party crypto loans 35,671 (161,049) 125,753 (62,048)
Change in fair value
on related party
convertible notes -- (9,424) -- (17,611)
Change in fair value
on related party
loans -- (38,773) -- (94,320)
Interest expense on
related party loans (2,714) (16,346) (6,025) (30,243)
Interest expense on
third party loans (1,809) (3,265) (3,601) (6,493)
Interest expense on
funding debt (2,553) -- (5,048) --
Other income
(expense), net 1,364 (5,628) 5,088 (1,090)
-------- -------- -------- --------
Total other income
(expense), net (30,761) (67,701) (45,530) (173,950)
-------- -------- -------- --------
Net loss before
income taxes (107,702) (133,136) (216,659) (287,412)
-------- -------- -------- --------
Income tax benefit
(provision) (22) (76) (43) 4,936
-------- -------- -------- --------
Net loss $(107,724) $(133,212) $(216,702) $(282,476)
======== ======== ======== ========
Net loss per share
attributable to common
stockholders
Basic $ (0.89) $ (27.08) $ (1.82) $ (57.41)
======== ======== ======== ========
Diluted $ (0.89) $ (27.08) $ (1.82) $ (57.41)
======== ======== ======== ========
Weighted average shares
outstanding - basic
and diluted: 121,272 4,920 118,940 4,920
Net loss $(107,724) $(133,212) $(216,702) $(282,476)
Other comprehensive
income (loss):
Foreign currency
translation, net of
tax (408) 1,434 (102) 1,909
Change in fair value
attributable to
instrument-specific
credit risk -- (1,056) -- 3,271
-------- -------- -------- --------
Total other
comprehensive
income (loss) (408) 378 (102) 5,180
-------- -------- -------- --------
Comprehensive
loss $(108,132) $(132,834) $(216,804) $(277,296)
======== ======== ======== ========
Gemini Space Station, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
-------------------------------
2026 2025
----------
Cash flows from operating activities
Net loss $ (216,702) $ (282,476)
Adjustments to reconcile net loss
to net cash used in operating
activities
Depreciation and amortization 14,780 15,517
Impairment 1,327 --
Change in fair value on related
party convertible notes -- 17,611
Change in fair value on related
party loans -- 94,320
Realized and unrealized loss
(gain) on crypto assets and
receivable, crypto assets
pledged 161,697 (37,855)
Realized and unrealized loss
(gain) on related party crypto
loans (125,753) 62,048
Provision for transaction losses 31,237 7,683
Stock-based compensation 44,482 3,208
Crypto assets received as revenue (4,695) (12,169)
Crypto asset payments for
expenses 19,926 12,987
Warrants received as revenue (5,419) --
Non-cash lease expense 3,199 2,436
Realized and unrealized loss
(gain) on derivatives (3,786) 920
Other operating activities, net 2,559 4,156
Changes in operating assets and
liabilities:
Purchase of crypto assets (37,694) (73,626)
Disposal of crypto assets 27,190 150,065
Accounts receivable (31,505) (2,804)
Other assets 4,950 61,228
Accounts payable and accrued
expenses (13,626) (12,779)
Payables due to related parties (1,402) 29,557
Payables due to third parties (533) 5,381
Payables due for funding debt 198 --
Lease liabilities (4,229) 274
Other liabilities 27,922 (64,210)
---------- ----------
Net cash used in operating
activities (105,877) (18,528)
---------- ----------
Cash flows from investing activities
Proceeds from disposal of crypto
assets 25,084 76,460
Purchases of credit card
receivables (981,121) (298,083)
Proceeds from repayments of
credit card receivables 996,231 269,266
Capitalization of internally
developed software costs (1,619) (1,598)
Purchase of software, property
and equipment (219) (422)
Other investing activities, net 142 --
---------- ----------
Net cash provided by investing
activities 38,498 45,623
---------- ----------
Cash flows from financing activities
Custodial funds due to customers,
net of redemptions (73,194) (91,162)
Proceeds from related party loans -- 15,100
Proceeds from third party loan,
net of discount 75,000 --
Proceeds from funding debt 844,970 --
Repayment of funding debt (852,160) --
Repayment of third party loans (75,000) --
Payment of withholding taxes on
settlement of restricted stock
units (240) --
Gemini Space Station, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended June 30,
-------------------------------
2026 2025
---------
Payment for tax withholdings
related to net share settlements
of equity awards (4) --
----------- ---------
Net cash used in financing
activities (80,628) (76,062)
----------- ---------
Net decrease in cash, cash
equivalents, restricted cash and
cash equivalents (148,007) (48,967)
Cash, cash equivalents, restricted
cash and cash equivalents, beginning
of period 894,848 646,858
----------- ---------
Cash, cash equivalents, restricted
cash and cash equivalents, end of
period $ 746,841 $ 597,891
=========== =========
Cash, cash equivalents, restricted
cash and cash equivalents consisted
of the following:
Cash and cash equivalents $ 188,618 $ 51,053
Restricted cash and cash
equivalents 103,506 63,641
Customer custodial funds 454,717 483,197
----------- ---------
Total cash, cash equivalents,
restricted cash and cash
equivalents $ 746,841 $ 597,891
=========== =========
Supplemental disclosure of cash flow
information
Cash paid during the period for
interest $ 11,164 $ 1,798
Cash paid during the period for
income taxes, net of refunds 530 410
Payments for operating lease
liabilities 4,229 2,799
Supplemental schedule of non-cash
investing and financing activities
Related party loans received in
crypto assets 223,980 189,336
Repayments of related party loans
denominated in crypto assets 241,991 56,159
Issuance of common stock in
exchange for crypto assets 100,000 --
Credit card receivables returned
as collateral for funding debt,
net (6,760) --
Crypto assets returned as
collateral for third party loans,
net -- (211)
Crypto asset collateral received
for derivatives, net (424) 14,273
Repayment of third party loan
interest denominated in crypto -- 5,417
Change in fair value attributable
to instrument-specific credit
risk -- 3,271
Drawdown of related party loans
(crypto in-transit) -- 10,085
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA (in
thousands) Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
---------- ---------- ---------- ---------- ------------
Net loss $(133,212) $(159,514) $(140,823) $(108,978) $(107,724)
Adjusted to exclude
the following:
Provision for
(benefit from)
income taxes 76 (1,186) 135 21 22
Interest expense 19,611 22,816 10,782 7,598 7,076
Depreciation and
amortization 7,662 7,672 7,534 7,482 7,298
Stock-based
compensation
expense 1,753 45,751 35,997 24,178 20,304
Impairment -- -- 650 -- --
Restructuring
charges(1) -- -- -- 7,866 --
Non-recurring
legal
contingencies,
settlements,
and related
costs 3,848 -- -- 424 --
Change in fair
value on
related party
convertible
notes 9,424 8,178 -- -- --
Change in fair
value on
related party
loans 38,773 24,989 -- -- --
Non-recurring
gain related to
conversion of
convertible
notes and term
loans -- -- (5,841) -- --
Unrealized
foreign
exchange loss
(gain) 190 (1,087) (591) 1,484 (1,010)
-------------------- -------- -------- -------- -------- --------
Adjusted EBITDA $ (51,875) $ (52,381) $ (92,157) $ (59,925) $ (74,034)
==================== ======== ======== ======== ======== ========
__________________
(1) Includes impairment charges in connection with
the restructuring of $1.3 million.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our operating results and financial position; anticipated future expenses, including our financial outlook, and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans, including expectations related to our full-stack end-to-end marketplace and super app strategy; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project, " "plan," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, among others: our ability to successfully execute our business and growth strategy and generate future profitability; market acceptance of our products and services; our ability to further penetrate our existing customer base and expand our customer base; our ability to develop new products and services and achieve customer adoption of them; our ability obtain applicable regulatory approvals; the success of any acquisitions or investments that we make; the possibility of adverse developments in pending litigation; the risk that the outcome of currently ongoing and potential future regulatory litigation and/or enforcement actions, as well as potential changes in federal or state law, could immediately or subsequently prevent us from offering, or continuing to offer, event contracts; the effects of increased competition in our markets; our ability to stay in compliance with applicable laws and regulations; stock price fluctuations; market conditions across the cryptoeconomy, including crypto price volatility; and general market, political, and economic conditions, including interest rate fluctuations, inflation, tariffs, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts and government shutdowns. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from anticipated results is included, or will be included, in our filings we make with the Securities and Exchange Commission from time to time, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Non-GAAP Financial Measures
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. We define Adjusted EBITDA as net income (loss), adjusted to exclude provision for (benefit from) income taxes, interest expense, depreciation and amortization, stock-based compensation expense, impairment, restructuring charges, non-recurring legal contingencies, settlement and related costs, change in fair value on related party convertible notes, change in fair value on related party loans, gain on conversion of convertible notes and term loans, and unrealized foreign exchange loss (gain). 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. Other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other non-GAAP measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as a tool for comparison. A reconciliation of Adjusted EBITDA is provided in this earnings release to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.
Key Performance Metrics
In addition to the measures presented in our unaudited condensed consolidated financial statements, management uses key performance metrics to help evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Our key performance metrics include MTUs, LTUs, Card Sign-Ups, Trading Volume, and Assets on Platform. Definitions of these key performance metrics can be found below:
-- Monthly Transacting User: any retail or institutional user who has
engaged in any revenue-generating activity or whose account otherwise
generated revenue for the Company in the trailing thirty days. MTUs
presented for a quarter represent the MTUs as of the last day of the
respective quarter. MTUs presented as of the end of a year represent the
MTUs as of the last day of that year.
-- Lifetime Transacting User: LTUs represent the cumulative number of unique
MTUs who have ever transacted on our platform and continue to maintain an
open account, measured since inception.
-- Card Sign-Ups: the cumulative number of approved applications for the
Gemini Credit Card in the relevant period. Card Sign-Ups include
customers who have been approved to open an account, regardless of
whether they have subsequently activated or used their card or whether
the account later remains open.
-- Trading Volume: the total U.S. dollar equivalent value of spot matched
trades transacted between a buyer and seller through our platform during
the period of measurement.
-- Assets on Platform: the total value of assets held on our platform and
includes digital assets in custody, staking, and exchange products, user
custodial fiat, and GUSD reserve assets.
For more information and a more detailed discussion of our Key Performance Metrics, refer to the filings that we make with the Securities and Exchange Commission from time to time, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.
Channels for Disclosure of Information
As a reminder, we announce material information to the public through filings with the SEC, the investor relations page on our website (investors.gemini.com), the blog on our website (www.gemini.com/blog), press releases, public conference calls, public webcasts, our X account (@gemini), and our LinkedIn page. The information disclosed in the foregoing channels could be deemed to be material information and we use these channels for complying with our disclosure obligations under Regulation FD. As such, we encourage investors, the media, and others to monitor the channels listed above and to review the information disclosed through such channels.
About Gemini
Gemini (NASDAQ: GEMI) is a global crypto and markets platform founded by Cameron and Tyler Winklevoss in 2014. Gemini offers a wide range of crypto and markets products and services for individuals and institutions. Gemini's simple, reliable, and secure products are built to unlock the next era of financial, creative, and personal freedom.
Contact
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Gemini Investor Relations
Email: investors@gemini.com
Press
Gemini Press Team
Email: press@gemini.com