Gemini Space Station, Inc. — Third Quarter 2026 Earnings Summary

Gemini Space Station, Inc. reported third-quarter 2026 total revenue of $40.9 million, a 19% decrease from the prior year, driven by a 73% decline in platform spot trading volume. Total operating expenses fell 30% year-over-year to $119.9 million, resulting in a net loss of $58.6 million, which represents a 63% improvement over the same period in 2025. Services revenue and interest income accounted for 59% of net revenue, while exchange revenue dropped 47% to $13.4 million due to reduced retail trading activity. The company maintained disciplined cost management with lower compensation and marketing spend, despite a 38% increase in transaction losses primarily attributed to credit card charge-offs.