Shares of Gemini surged in after-hours trading following stronger-than-expected fourth-quarter results, driven by growth in its credit card business and changes to its fee structure.

The company reported Q4 revenue of $60.3 million, a 39% increase year-over-year, surpassing analyst expectations of $51.7 million. According to co-founders Cameron Winklevoss and Tyler Winklevoss, the quarter marked Gemini’s highest revenue in three years, even as trading volumes declined.

Despite the revenue growth, losses widened significantly. Gemini posted a net loss of $140.8 million for the quarter, compared to a $27 million loss a year earlier. Full-year losses also rose sharply, reaching $585 million in 2025 versus $156.6 million in 2024.

Investor reaction was initially positive. Shares of Gemini (GEMI) jumped as much as 14% after hours before settling with a 5.8% gain, closing at $6.36 after ending the regular trading session flat.

The results come amid a broader crypto market downturn, with Bitcoin falling sharply from its October peak above $126,000.