Revenue surges by 42%, market debut predictions announced! Gemini's stock price soars 30% after hours

As the cryptocurrency spot trading market falls into a slump, the cryptocurrency exchange Gemini, founded by the Winklevoss brothers, has carved out a path through “diversified transformation.” According to the latest first-quarter financial report, Gemini’s revenue grew by 42% year-over-year, and with the debut of impressive data from the prediction market, the stock price surged by as much as 30% after hours.
The financial report shows that Gemini’s total revenue for the first quarter reached $50.3 million, up from $35.3 million in the same period last year, a 42% increase. This strong growth momentum is mainly attributed to the expansion of its services, over-the-counter (OTC) trading business, and a breakout performance in cryptocurrency-related Gemini credit card sales.
Prediction Market Debuts, Transition to “All-in-One Market”
Notably, since its launch in December last year, Gemini has for the first time listed the operational figures of its “prediction market” separately in the financial report, contributing $400k in revenue.
Although this figure is still difficult to compare with prediction market giants like Polymarket or Kalshi (which have daily trading volumes between $300k and $500k), Gemini emphasizes that more than 20k users are trading on the platform, with total contract trading volume exceeding 100 million. Furthermore, the company also previewed its impressive April performance, with prediction market trading volume increasing by 78% month-over-month, indicating significant growth potential.
Gemini CEO Tyler Winklevoss stated in a release, “We have achieved multiple product and regulatory milestones, enabling Gemini to transform from a pure cryptocurrency company into a market company.”
Currently, Gemini is actively reducing its reliance on spot trading and expanding into the derivatives market. In April, the company successfully obtained a Derivatives Clearing Organization (DCO) license from the U.S. Commodity Futures Trading Commission (CFTC), allowing Gemini to internally handle derivatives clearing, collateral, and risk management without relying on third-party institutions.
Gemini revealed that the DCO license will accelerate the company’s development of a “one-stop full trading platform” covering prediction markets, futures, options, and perpetual contracts.
To demonstrate absolute confidence in the company’s prospects, Tyler Winklevoss and Cameron Winklevoss also announced that they would inject $100 million into Gemini through their Winklevoss Capital Fund, paid entirely in Bitcoin.
Trading Contraction Sparks Concerns, Staking and Credit Cards Become “Golden Eggs”
Despite the strong revenue growth momentum, the financial report also reveals pains in the industry’s transformation. Due to sluggish cryptocurrency trading, Gemini’s trading volume in the first quarter plummeted from $13.5 billion last year to $6.3 billion, leading to a 27% decline in exchange-related revenue.
As a result, Gemini’s net loss for the first quarter reached $109 million.