By Vicky Ge Huang
Gemini Space Station, the cryptocurrency exchange launched by the Winklevoss twins, said its fourth-quarter loss widened after the late-2025 meltdown in digital-asset prices.
Shares of Gemini jumped as much as 10% in after-hours trading. The stock has lost about 82% of its value since peaking in September, when the company made its public debut on the Nasdaq.
Gemini reported a net loss of $140.8 million, or $1.22 a share, in the fourth quarter, compared to a loss of $27 million during the same period a year ago. Revenue increased 39% to $60.3 million from $43.3 million in the year prior. Wall Street analysts expected the company to lose $1.04 a share on revenue of $50 million.
Gemini's post-IPO journey has been rocky. Facing a crypto market downturn, the exchange said earlier this year that it would reduce its workforce by 25% and close its operations in the U.K., Europe and Australia. Recently, the company parted ways with its chief operating officer, chief financial officer and chief legal officer.
Analysts say that Gemini is facing a profit squeeze fueled by a cooling crypto market after a period of heavy spending on growing the company. To regain its footing, the exchange must now focus on key areas of differentiation in order to compete with bigger rivals like Coinbase Global, they say.
"Without any real, true differentiation and some value propositions that others don't have, we just think it's going to be hard for them to catch up," said Citigroup analyst Peter Christiansen.
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(END) Dow Jones Newswires
March 19, 2026 16:55 ET (20:55 GMT)
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