The crypto exchange’s fourth straight quarterly loss comes despite a 37% annual revenue increase to $45.5 million.
Crypto exchange Gemini posted a $107.7 million net loss in the second quarter, extending its streak of quarterly losses to four. Revenue climbed 37% year over year to $45.5 million, driven by new products and trading activity.
Assets on the platform dropped 54% to $8.4 billion, reflecting lower crypto prices and outflows from institutional custody. Operating expenses fell to $122.4 million, narrowing the operating loss by 18% from the prior quarter.
Gemini is diversifying into prediction markets and stock trading, with prediction markets generating $500,000 in Q2.