Gemini reports 42% revenue growth after expansion into financial services

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Other crypto exchanges have been eyeing business outside of digital assets, Coinbase has aggressively expanded into stock and ETF trading in a goal to become an “everything exchange,” while Kraken has made recent acquisitions enabling it to expand into regulated derivatives markets. Alongside revenue growth, Gemini also reported a 73% increase in total operating expenses to $144.5 million in the quarter. This was driven primarily by "compensation, marketing and credit card-related costs associated with the significant business expansion," the company said. Gemini reported an adjusted EBITDA loss of just under $60 million. Related: Gemini sued over post-IPO strategy shift, declining stock price Gemini also disclosed Thursday that it closed a $100 million strategic investment from Winklevoss Capital in exchange for 7.1 million shares of common stock, with the investment funded in Bitcoin. In April, the company received a Derivatives Clearing Organization license from the US Commodity Futures Trading Commission, making Gemini one of only a handful of crypto-native platforms in the country to hold both a Designated Contract Market and a DCO license in-house. “This all represents the next step towards Gemini becoming a full-stack, end-to-end marketplace for crypto trading, predictions, futures, options, and more,” the firm stated. Gemini’s stock (GEMI) gained 6.9% on Thursday to reach $4.92 in after-hours trading; however, it remains down 47% year-to-date, according to Google Finance. Last week, Coinbase reported $1.41 billion in total Q1 revenue, down 31% year over year, but it posted a net loss of $394 million. It is much larger than Gemini and also saw strong diversification into derivatives, prediction markets, and stablecoins, which helped offset the decline. Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles More on the subject

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