TheBlock
Gemini reported 42% revenue growth in its latest quarter, but two product lines did the heavy lifting. The credit card segment alone now accounts for nearly half of total revenue, up 300% year-over-year — putting Gemini in a small club of crypto-native issuers with real consumer spend attached to their brand. The prediction market platform, which launched in December, has crossed 100 million contracts traded in under a year, the first time the company has broken out metrics for the segment.
Why it matters
Prediction markets and crypto cards are the two consumer-facing wedges the legacy exchanges have been slow to build. Gemini is now the only US-listed pure play reporting serious numbers on both at once, which gives the equity a different shape than Coinbase or Robinhood — neither of which is built around a card-first or event-contract-first product line. The 300% card growth also implies a sticky payment-rail relationship that exchanges running on spot volume alone don't get.
Market impact
Shares are soaring on the print, with the prediction-market disclosure likely the bigger catalyst among allocators who have been waiting for real volume data on the segment. The card disclosure, by contrast, is the steady earner — the kind of recurring interchange revenue that supports a higher multiple than pure trading P&L. Watch for follow-on quarters: if prediction volumes keep compounding and card spend holds, the equity starts pricing like a fintech, not an exchange.
Frequently asked questions
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How much did Gemini's revenue grow in its latest quarter?
Gemini reported 42% revenue growth in its most recent quarterly results, sending shares sharply higher on the print.
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How big is Gemini's credit card business?
The credit card segment accounts for nearly half of Gemini's total revenue and has grown roughly 300% year-over-year, making it a structural contributor rather than a side product.
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How many contracts have been traded on Gemini's prediction market?
The prediction market platform, which launched in December, has surpassed 100 million contracts traded in under a year — the first time Gemini has disclosed standalone metrics for the segment.
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Why are prediction markets and crypto cards important for an exchange?
Both are consumer-facing product lines that legacy spot-trading exchanges have been slow to build, giving issuers real sticky revenue from spend and event-contract volume rather than cyclical trading P&L.
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How does Gemini's business mix compare to Coinbase or Robinhood?
Gemini is positioned as a US-listed pure play with material exposure to both crypto cards and event contracts, two wedges neither Coinbase nor Robinhood is built around, which gives GEMI a different multiple shape than the rest of the comp set.
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