Gemini Platform Assets Fall 54% YoY to $8.4B as Crypto Exchange Posts $107.7M Loss

Gemini is expanding into prediction markets and stock trading as the crypto exchange seeks to diversify its revenue following a fourth consecutive quarterly net loss, Bloomberg reported.

The company lost $107.7 million in the second quarter, while revenue increased 37% from a year earlier to $45.5 million. Prediction markets, one of Gemini’s newer businesses, generated about $500,000 during the period.

Gemini also reduced spending from the previous quarter, with total operating expenses falling 15% sequentially to $122.4 million. 

Meanwhile, assets held on the platform dropped 54% year over year to $8.4 billion. Gemini attributed the decline to lower crypto-asset valuations from the elevated levels seen a year earlier, along with outflows from select institutional custody accounts.

Source: Bloomberg