Shares in crypto exchange Gemini climbed in after-hours trading on Thursday following fourth-quarter results that surpassed analyst expectations. The company reported Q4 revenues of $60.3 million, a 39% increase from the same period a year earlier, compared to analyst forecasts of $51.7 million. The gains were attributed to credit card adoption and changes to the platform’s fee structure. Co-founders Cameron and Tyler Winklevoss described the quarter as the company’s strongest for revenue in three years.
Despite the revenue beat, Gemini recorded a net loss of $140.8 million for the fourth quarter, widening significantly from a $27 million loss in the year-ago period. For the full year, the company posted a total loss of $585 million, up from $156.6 million in 2024. The results represent only the company’s second earnings report since it went public in September, and were released against a backdrop of a broad crypto market decline in late 2025.
Shares in Gemini, trading under the ticker GEMI, initially jumped 14% after hours to a high of $6.83 before settling at $6.36, a gain of approximately 5.8%. The stock had ended the regular trading session roughly flat at around $6. The Winklevoss brothers noted in their shareholder letter that the revenue improvement came even as trading volumes declined, crediting what they called “deliberate fee structure work through the back half of the year.”
The broader market context weighed on the period, with Bitcoin falling sharply from an all-time high above $126,000 reached in October. Gemini also announced in February that it was withdrawing from the United Kingdom, the European Union, and Australia, citing difficult market conditions. Alongside the geographic pullback, the company said it planned to reduce its workforce by 25%, partly due to the growing role of artificial intelligence in its operations.
In their letter, the Winklevoss brothers said Gemini had cut its workforce by roughly 30% since the start of 2026, driven by increased AI usage. They stated that AI now accounts for more than 40% of the company’s production code changes and projected that figure would approach 100% in the near future. The brothers compared not using AI at the company to arriving at work with a typewriter rather than a laptop.
Looking ahead, the Winklevoss brothers said Gemini’s strategy for the year was to concentrate on the American market, expressing confidence in the pro-crypto regulatory environment under current US market regulators. The company launched its in-house prediction market, Gemini Predictions, across all 50 US states in December, shortly after receiving a license from the Commodity Futures Trading Commission. Gemini said it plans to refine and expand that offering while also scaling its credit card and exchange businesses.
The company indicated it intends to evolve into a markets-focused business using the infrastructure built around Gemini Predictions to support perpetual futures contracts, pending regulatory approval in the United States. The Winklevoss brothers framed this transition as central to the company’s long-term direction. Gemini’s ability to execute on these plans will be closely watched given the scale of its recent losses and workforce reductions.
Originally reported by CoinTelegraph.
