Gemini shares (GEMI) jumped as high as 30% in after-hours trading on Thursday after the crypto exchange reported 42% year-over-year revenue growth and disclosed its first operating metrics for its in-house prediction market business.
The company posted $50.3 million in total revenue for the first quarter, up from $35.3 million a year earlier, pointing to growth in services, OTC trading, and its crypto-linked Gemini Credit Card segment.
Prediction market revenue saw a debut mention of $400,000 since Gemini launched the product in December. While this is just a sliver of the volumes seen by pure-play prediction markets like Polymarket and Kalshi, the company said more than 20,000 users have traded contracts on Gemini, with over 100 million contracts traded overall.
For comparison, Kalshi and Polymarket each regularly see daily volumes of between $300,000 and $500,000.
It also gave a sneak peek into April volume, which Gemini says rose a further 78% from the month prior.
“Gemini has achieved several major product and regulatory milestones that position us well to evolve from a crypto company into a markets company,” Gemini CEO Tyler Winklevoss said in a statement.
This comes as Gemini looks to diversify beyond spot crypto trading into derivatives. In April, Gemini received a Derivatives Clearing Organization license from the Commodity Futures Trading Commission that allows it to internally manage settlement, collateral, and risk for derivatives products.
Gemini said the DCO license moves the company closer to building a “full-stack, end-to-end marketplace” for predictions, futures, options, and perpetual contracts.
The company also announced a $100 million investment from founders Tyler and Cameron Winklevoss through their Winklevoss Capital Fund, funded in bitcoin.
Despite the revenue growth, Gemini recorded a net loss of $109 million for the quarter.
The company’s exchange revenue also fell by 27% year over year to $17.2 million as crypto trading slowed. Its total trading volume dropped to $6.3 billion from $13.5 billion a year earlier.
Its services and interest revenue, which includes credit cards, staking, and custodial business, was the biggest winner, jumping more than 120% year over year to $24.5 million — almost half its total revenue. Credit card revenue alone made up $14.7 million of that total, a 300% gain from last year.
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