Gemini Space Station Inc. (NASDAQ: GEMI) announced first quarter 2026 results, reporting total revenue of $50.3 million, representing a 42% increase year-over-year. The crypto and prediction markets platform also disclosed a $100 million strategic investment from Winklevoss Capital Fund at $14 per share, paid in bitcoin.

The company's revenue growth was driven by services and over-the-counter (OTC) trading, with services revenue increasing 122% year-over-year to $24.5 million. Credit card revenue rose nearly 300% to $14.7 million, while OTC revenue jumped to $6.3 million from $0.1 million in the prior year quarter.

Exchange revenue declined 27% to $17.2 million as trading volume fell to $6.3 billion from $13.5 billion in Q1 2025. The company's prediction markets business, launched in December 2025, contributed $0.4 million in revenue with approximately 20,000 users trading on the platform.

Operating expenses increased 73% to $144.5 million, primarily due to compensation, marketing, and credit card-related costs. The company reported a net loss of $109.0 million, an improvement from the $149.3 million loss in Q1 2025. Net loss per share was $0.93 compared to $30.34 in the prior year.

Gemini received a Derivatives Clearing Organization license from the CFTC in April, adding to its existing Designated Contract Markets license. The company also launched Agentic Trading, allowing customers to connect AI agents to its trading platform.

Monthly transacting users reached 589,000, up 17% year-over-year, while assets on platform totaled $11.1 billion compared to $14.2 billion in March 2025. Cash and cash equivalents stood at $215.6 million at quarter end.