Gemini shares climbed more than 7% in after-hours trading after the company reported that services and interest revenue surpassed transaction revenue for the first time. The shift comes amid a broader strategy to move beyond crypto trading, including expansion into prediction markets and a credit card business.
The firm's fourth-quarter trading volume fell 30% to $11.5 billion, but services revenue rose 33% to $26.5 million, driven by its credit card operations and increased user engagement. For the full year, services revenue more than doubled, lifting total revenue to $179.6 million, though the company reported a net loss of $582.8 million.
Gemini launched a regulated prediction markets platform in December, allowing users to trade on events like politics, sports, and crypto prices. Over 15,000 users have participated since its launch.
The company also cut 30% of its workforce and exited international markets to focus on the U.S., aiming to reduce costs and accelerate profitability.