Gemini Space Station reports preliminary 2025 revenue up 24%

Gemini Space Station (NASDAQ: GEMI) reported preliminary financial estimates for 2025 showing net revenue between $165 million and $175 million, compared to $141 million in 2024, according to a filing made Monday.

The cryptocurrency exchange company served approximately 600,000 monthly transacting users as of December 31, 2025, representing a 17% increase from the prior year. Transaction revenue is expected between $93 million and $99 million, while services revenue is projected between $72 million and $76 million.

Operating expenses are estimated between $520 million and $530 million for 2025, up from $308 million in 2024. The company attributed the increase to higher personnel costs, stock-based compensation, and investments in technology and marketing.

Adjusted EBITDA, a non-GAAP measure, is expected to range from negative $267 million to negative $257 million for 2025. This includes anticipated net realized and unrealized losses of $30 million to $35 million.

The company announced executive departures effective February 17, 2026. Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade will leave their positions. Beard also resigned from the board of directors.

Danijela Stojanovic, currently chief accounting officer, will serve as interim chief financial officer. She previously held senior finance roles at Blue Apron Holdings from 2015 to 2024. Kate Freedman, associate general counsel and corporate secretary, will serve as interim general counsel.

Cameron Winklevoss will assume many duties previously performed by Beard, including revenue-generating responsibilities, in addition to his existing role. The company stated it does not plan to appoint a successor chief operating officer at this time.

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