What happened with GEMI today?
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Uses news and trading volume to explain the day’s move and how it relates to the market.
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Gemini matches buyers and sellers of crypto assets and arranges trades outside its exchange for institutions and wealthy individuals. Customers pay fees when trades execute, generally based on transaction value and their recent trading volume. Retail customers supply most exchange revenue, while institutions supply most trading volume. A small group of institutional market makers historically supplied a substantial share of that volume, although Gemini says it does not materially depend on any single user. Revenue therefore depends heavily on crypto prices and trading activity.
Customers can also leave assets with Gemini Custody or commit supported assets to help operate blockchain networks, known as staking. Gemini charges for custody and takes fees based on customers’ staking rewards. It also earns interest on customer dollar balances and reserves backing GUSD, its dollar-backed stablecoin.
The Gemini Credit Card provides another meaningful source of revenue. WebBank issues the card, and Gemini buys card receivables from the bank, earning interest and fees from cardholders and a share of payment interchange fees. The program depends on WebBank, and Gemini bears exposure to unpaid balances.
Gemini relies on banking partners to move and hold customer cash. Its licenses permit U.S. operations but restrict some offerings; its crypto platform is not registered to offer securities, so assets classified as securities could require delisting or trading restrictions. Most users are in the United States. Gemini has announced plans to wind down operations in the United Kingdom, Europe and Australia and focus more resources on the U.S.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Coinbase Global competes with Gemini for retail and institutional customers paying for crypto trading, custody and related services. Watch Coinbase’s consumer trading-fee revenue for signs of the retail activity that also feeds Gemini’s exchange fees.
Robinhood competes with Gemini for U.S. retail customers buying, selling and staking crypto, offering both commission-free routing and paid routing through partner exchanges. Its crypto trading offerings matter to Gemini’s fee business: retail investors supplied about 91% of Gemini’s exchange revenue in 2025.
Bullish competes with Gemini for institutions paying to trade crypto spot and derivatives on their exchanges. Watch Bullish’s institutional trading offering, especially liquidity and fees: institutions accounted for $46.0 billion of Gemini’s $52.7 billion in spot trading volume in 2025.
BitGo Holdings, Inc. competes with Gemini for clients paying to store, stake and trade digital assets. Watch BitGo’s custody fees and staking revenue for demand in services where Gemini charges on assets held and customers’ staking rewards.
Galaxy Digital and Gemini compete to help institutions trade and safeguard crypto; their former lending relationship was fully settled by December 31, 2025. Galaxy’s Global Markets trading fees are the line to watch alongside Gemini’s commissions for arranging institutional trades outside its exchange, known as OTC trades.
Bakkt, Inc. and Gemini both help institutions execute crypto trades and earn transaction fees, with Bakkt charging on both the buy and sell legs. Watch Bakkt’s financial-institution and fintech client partnerships, but distinguish changes at its few key clients from broader trading demand relevant to Gemini.
Exodus Movement, Inc. gives users an alternative to leaving crypto with Gemini: a wallet where they generally control their own assets, with third-party exchange and staking services built in. Watch fees paid by those service providers, which supply most of Exodus’s revenue, rather than treating wallet downloads as paid trading activity.
Strategy’s bitcoin holdings expose it directly to bitcoin prices, while Gemini earns customer trading fees and holds platform assets whose largest crypto component is bitcoin. Watch Strategy’s bitcoin-related gains or losses as a price signal, not a proxy for Gemini’s fees: bitcoin generated $43 million of Gemini’s $93 million in exchange revenue in 2025.
DeFi Technologies competes with Gemini through Stillman Digital, which arranges crypto trades outside exchanges, while Valour sells exchange-listed products giving investors indirect crypto exposure. Watch Stillman’s OTC trading business for competition with Gemini’s commissions, and Valour’s product demand for a separate view of crypto investment appetite.
Circle Internet Group’s dollar-backed USDC competes with Gemini’s GUSD, and both companies earn income on assets backing their stablecoins rather than relying only on customer fees. Watch USDC circulation and Circle’s reserve income for stablecoin demand and interest-rate exposure relevant to Gemini’s GUSD income.
Galaxy Digital Inc. earningsGLXY
Galaxy Digital’s Global Markets trading fees show activity in institutional over-the-counter trading, where Gemini also earns commissions for arranging trades.
Watch whether Galaxy Digital’s Global Markets trading fees rise or fall, and read them alongside trading activity to distinguish more trading from fee pressure. Fees rising with activity would show an active institutional market that can support demand for Gemini’s OTC commissions, but would not mean those trades went to Gemini. Falling fees and activity would point to a cooler channel and potentially softer demand for Gemini’s OTC business.
Robinhood Markets, Inc. earningsHOOD
Robinhood’s crypto trading results show activity among U.S. retail customers, who account for most of Gemini’s exchange revenue.
Watch Robinhood’s crypto trading activity and related revenue, keeping its commission-free and paid-routing offerings in view. Strong activity and revenue would show that retail trading demand is present, but Robinhood may also be competing for customers Gemini depends on. Weakness in both would point more to a cooler retail market, which could pressure Gemini’s trading fees; this report alone cannot show that Gemini lost market share.
Circle Internet Group, Inc. earningsCRCL
Circle’s USDC circulation and reserve income show stablecoin demand and earnings on backing assets, both relevant to income Gemini earns on GUSD-related reserves.
Read USDC circulation alongside Circle’s reserve income. Rising circulation with resilient income would show that stablecoin demand and earnings on backing assets are supporting Circle, offering context for Gemini’s GUSD income but not proving that GUSD demand moved the same way. Falling circulation, or steady circulation with lower reserve income, would point respectively to weaker demand or less income per dollar of reserves; the distinction helps identify whether demand or interest rates may be pressuring this part of Gemini’s business.
Gemini Space Station, Inc. earningsThis company
Gemini earns fees when customers trade and from card, staking and custody services, and this report will show whether those revenues can support its high operating costs.
Read trading volume and monthly transacting users alongside exchange revenue, service revenue such as cards and staking, and the operating loss. If trading activity and related revenue rise, service revenue adds to the growth, and the loss narrows, Gemini is turning more activity into income and absorbing more of its costs. If activity or exchange revenue weakens, services do not make up the difference, and the loss stays wide, the business is still not earning enough to cover its costs.
BitGo Holdings, Inc. earningsBTGO
BitGo’s custody fees and staking revenue show demand for digital-asset services that Gemini also sells to customers.
Watch whether BitGo’s custody fees and staking revenue both grow, while judging the two services separately. Growth in both would show that clients are still paying to store and stake assets, but also that Gemini faces a capable competitor. Declines could reflect weaker demand or changes specific to BitGo, not necessarily customers moving to Gemini. The report can test the health of these service markets, but cannot by itself establish a change in Gemini’s share.
Bullish earningsBLSH
Bullish’s institutional spot and derivatives trading, liquidity and fees show activity in the market where institutions generated most of Gemini’s spot volume.
Read Bullish’s institutional trading activity, liquidity and fees together. Rising activity and liquidity would show an active institutional market, but Bullish is also another venue for the same customers and could intensify competition for Gemini’s trading volume and fees. Weakness could mean the institutional market is cooling or that Bullish is underperforming; it is not evidence that Gemini will benefit. The takeaway is the direction of institutional demand and competitive pressure, not that the two companies have identical businesses.
