According to Bloomberg, crypto exchange Gemini reported a second-quarter net loss of $107.7 million, marking its fourth consecutive quarterly loss, while revenue rose 37% year over year to $45.5 million. Assets on the platform fell 54% to $8.4 billion, which the company attributed to lower crypto prices and institutional custody outflows.

Gemini is expanding into prediction markets and stock trading to diversify revenue, with prediction markets generating $500,000 in Q2. Its operating loss narrowed 18% from the previous quarter, while total operating expenses fell to $122.4 million.