Gemini Space Station reported second quarter 2026 results on August 13, 2026, showing total revenue of $45.5 million, a 37% year-over-year increase driven by a 149% surge in services revenue to $23.5 million. This growth offset a 38% decline in exchange transaction revenue to $12.5 million amid softer crypto markets and lower trading volumes of $3.8 billion. The company posted a net loss of $107.7 million, narrowing from $133.2 million in the prior year period, while adjusted EBITDA widened to negative $74.0 million due to market-driven losses on bitcoin holdings. Operating expenses decreased 15% sequentially to $122.4 million as cost optimization initiatives reduced salaries and marketing spend, though transaction losses rose significantly to $20.1 million primarily from credit card fraud provisions. The firm continues expanding its regulated marketplace capabilities with the launch of a derivatives clearinghouse and commission-free U.S. stock trading.