Full Transcript: Gemini Space Station Q1 2026 Earnings Call

Gemini Space Station (NASDAQ:GEMI) reported first-quarter financial results on Friday. The transcript from the company's first-quarter earnings call has been provided below. Benzinga APIs provide real-time access to earnings call transcripts and financial data. Visit https://www.benzinga.com/apis/ to learn more. The full earnings call is available at https://edge.media-server.com/mmc/p/keac5nzj/ Summary Gemini Space Station reported a 42% revenue increase year over year, reaching $50.3 million despite a significant decline in crypto trading volumes. The company received a Derivatives Clearing Organization (DCO) license, enhancing its ability to act as a clearinghouse for various contracts, and launched agentic trading tools. Gemini Space Station's strategic investment of $100 million by Winklevoss Capital in its Class A common stock reflects confidence in its undervalued stock and future growth potential. Revenue diversification efforts showed progress, with services and interest income now representing 49% of total revenue, driven by growth in credit card and OTC business. Operating expenses rose due to one-time costs, but restructuring is expected to reduce costs moving forward, with a focus on disciplined execution and growth in predictions and card services. Full Transcript OPERATOR Good day and thank you for standing by. Welcome to the Gemini first quarter 2026 earnings conference call. At this time all participants are in listen only mode. Please be advised that today's conference is being recorded. I would like to hand the conference over to Ryan Todd, Head of Investor Relations. Ryan Todd (Head of Investor Relations) Please go ahead. Good morning and thank you for joining Gemini's first quarter 2026 earnings call. My name is Ryan Todd, Head of Investor Relations at Gemini. Joining me on the call today are Gemini's co founders Cameron and Tyler Winklevoss and our interim CFO Daniela Stoyanovic. Yesterday we released our first quarter 2026 financial results. During today's call we may make forward looking statements which may vary materially from actual results and are based on management's current expectations, forecasts and assumptions. Information concerning the risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our investor relations website and on the SEC's website. Non GAAP financial measures should be considered in addition to not as a substitute for GAAP measures. We'll start today's call with prepared remarks and then take questions. And with that, let me turn the call over to our founders Cameron and Tyler. Cameron Wicklevoss Good morning and thank you all for joining us on our Q1 2026 earnings call. I'm Cameron Winklevoss, President and co Founder of Gemini. Since announcing Gemini 2.0, we believe we have made meaningful progress towards our goal of building Gemini into a markets company. We started as a bitcoin company, we became a crypto company and we are now building the super app for the markets economy. Our vision of being the bridge to the future of money and markets. This quarter we made meaningful progress towards that vision. While we still have significant work ahead, we grew revenue this quarter 42% and transaction revenue held steady year over year even as trading volume declined more than 50% due to meaningful softness in the broader crypto market trading activity. While these are positive headline numbers, we recognize where our share price currently sits. The price of Bitcoin is down roughly 30% since our IPO and as a crypto native business we are tied to that cycle to some degree, but we do not believe the Gemini of Today is 1/6 of the Gemini that IPO'd. When we went public in September, we did not have a predictions marketplace. We do now. We were a crypto company. Today we are Building the Foundation for so Much More Our ability to launch and scale market infrastructure is rooted in more than a decade of experience building Gemini's crypto marketplace. We have demonstrated this with our Predictions product, which we chose to build in house instead of partnering like some of our competitors. Now, with our recently acquired Derivatives Clearing Organization license from the cftc, which Tyler will discuss shortly, we're even better equipped to bring this vision to life. This license, combined with our experience building marketplaces will help enable us to fully own the customer experience and deliver a best in class predictions marketplace. We truly believe that when you create value by offering more options to customers across multiple asset classes, crypto predictions, credit card rewards, and soon we expect stocks. You build a company that is indexed to markets broadly, not just to a single cycle. That is what Gemini is working toward becoming and we believe the foundation we built this quarter is a meaningful step in that direction. For these reasons, we think Gemini stock is significantly undervalued, which is why we made a strategic investment of $100 million into Gemini via Winklevoss Capital at a price of $14 per share of the company's Class A common stock. With the investment funded in Bitcoin. We strongly believe this investment will allow us to set up the company for its next phase of growth. With that, I'd like to turn it over to Tyler to discuss some of the our business highlights this quarter and how they will shape our future. Thanks Cameron. Tyler here. This quarter Gemini achieved product and regulatory milestones that will help set us up for success going forward. In April, Gemini received a Derivatives Clearing Organization license from the cftc. I want to spend a moment on what this is, why it matters and what it unlocks. A Derivatives Clearing Organization or derivatives clearing organization allows us to act as a clearinghouse, the entity that clears and settles derivatives contracts, prediction market contracts, event based contracts and down the road futures options and perpetual contracts. The Derivatives Clearing Organization uses the same clearing structure that has underpinned crucial derivatives markets for decades. This Derivatives Clearing Organization follows our Designated Contract Market, our designated contract market license, which we received in December 2025. A Designated Contract Market allows you to list derivatives contracts. We started with events contracts for a prediction marketplace. The Derivatives Clearing Organization is the other half of the puzzle. Together, Designated Contract Market plus Derivatives Clearing Organization represent key milestones as we seek to build an end to end marketplace in house. Without material third party dependencies. This combination is rare. Most of our competitors have moved into derivatives through acquisition. Gemini built its Designated Contract Market and Derivatives Clearing Organization in house the same way we built our crypto exchange over the past decade. Our regulatory Positioning is foundational, not bolted on. Holding the Designated Contract Market and Derivatives Clearing Organization ourselves helps unlock our ability to clear prediction market and event contract trades through our own infrastructure today. It also better positions us for what comes after predictions, which we believe is perpetual contracts. Perps are the most traded product in global crypto markets by significant margin. Most of the price discovery for bitcoin happens in perpetual markets, not spot and right now all of that volume and price discovery happens offshore on unregulated exchanges, largely because there has been no regulated path or purse in the United States. The crypto story in terms of regulated onshore price discovery does not fully certain America until perpetuals are permitted here. We believe that will happen in the United States soon based on the CFTC's public comments, and we expect Gemini to be among the platforms best positioned to win in this arena when it arrives. In addition to securing our dco, Gemini made strides this quarter in what we think will be the next frontier for trading, which is agentic trading. We launched the first agentic trading tool available directly through a regulated US based exchange. Agentic trading allows customers to connect AI agents, including Claude, ChatGPT and others directly to Gemini's full API to place trades, monitor markets and manage risk autonomously. While we are still in early innings for agentic trading, we have long believed that Gemini will one day have more machines as customers than humans. Humans may have built crypto, but crypto is not so much money for humans as it is money for machines. Taken together, we believe our Derivatives Clearing Organization license and agentic trading launch represents the first steps to building out our long term vision of being the Go to super app for the future of money and markets in the United States. With that, I'll turn over the call to our interim CFO Daniela to discuss our financial results for the quarter in greater detail. Daniela Stoyanovic (Interim CFO) Thank you Cameron and Tyler Good morning everyone and thank you for joining us today. I'll start with a few key takeaways from the quarter, then walk you through the results in detail and close with our financial outlook for the year. Let me highlight three things up front. First, revenue grew 42% year over year to $50.3 million. That growth was broad based, driven by the credit card, our OTC business and our first full quarter contribution from prediction markets. Importantly, this revenue growth was achieved against a backdrop of materially lower crypto trading volumes than Q1 of 2025. Second, services, revenue and interest income continued its structural shift reaching 24.5 million and now representing 49% of total revenue up from 31% in Q1 of 2025. This diversification is central to our strategy of building a business that is less dependent on crypto market cycles. And third, our cost restructuring is taking hold. The roughly 30% workforce reduction completed in Q1 started flowing through the financials and will be more fully reflected in Q2 as we enter a lower run rate cost structure. Turning to revenue, Total revenue was 50.3 million, up 42% year over year from 35.3 million in Q1 of 2025. Transaction revenue maintained stable year over year at 24.1 million. Within that, there were meaningful moving parts worth walking through. Exchange revenue was 17.2 million, down 27% year over year, reflecting the significant pullback in crypto market activity. Total spot trading volume declined to 6.3 billion from 13.5 billion in Q1 of 2025. That's a 53% decline in volume against only a 27% decline in exchange revenue, which reflects continued improvement in our fee economics. OTC revenue was 6.3 million compared to 0.1 million in Q1 of 2025. This performance reflects both opportunistic and structural tailwinds. The quarter included meaningful one time volume driven by episodic client demand, contributing to an elevated baseline not fully expected to repeat. Importantly, underlying business momentum remained strong. The OTC API program added new institutional clients during the quarter, expanding the desk's recurring revenue base and supporting a more durable growth trajectory going forward. And for the first time, prediction markets contributed 0.4 million to transaction revenue, reflecting our first full quarter following the December 2025 launch. Adoption accelerated throughout the quarter and has continued to accelerate into Q2 with April volume up 78% month over month. Since launch, the platform has surpassed 100 million contracts traded across more than 20,000 traders. As a reminder, this is still an early stage product for us and our focus today is on building liquidity, engagement and market depth on our own infrastructure. We expect monetization to scale over time as the platform matures. Turning to services revenue and interest income, which was 24.4 million, up 122% year over year. The majority of this growth was driven by services, particularly the credit card, which I'll walk through now. Credit Card revenue was 14.7 million, up nearly 300% year over year. As of quarter end, we had over 154,000 open card accounts, up 111,000 year over year. Growth in Q1 of 26 remained steady, though signups can vary quarter to quarter, particularly as we continue to refine acquisition channels and strengthen risk controls as the portfolio scales. The expansion in the cardholder base is the primary driver of managed receivables, growing from 69 million to 217 million over the same period. More than a tripling of the portfolio. Advisory fee revenue was 2.7 million, consistent with the prior quarter, reflecting our ongoing advisory services agreement with the strategic customer entered into during Q3 of 2025. There was no comparable revenue in Q1 of 2025. Custodial fee revenue was $1.9 million roughly flat year over year. Staking revenue was $2.1 million, down 31% year over year, reflecting lower asset prices and reduced staking yields relative to the elevated crypto market levels in the PR. Turning to expenses, total operating expenses were 144.5 million in Q1 up 73% year over year. I want to be direct about what's in those numbers because there are meaningful one time items that create some noise relative to our ongoing cost structure. Salaries and compensation were 65.4 million. This includes 24.2 million of stock based compensation and 6.5 million of severance and related payroll taxes associated with the Q1 workforce reduction, the latter being a one time item that will not repeat. Excluding those items, core cash compensation was 34.8 million. Though it's worth noting that figure still includes partial quarter salary costs for the approximately 30% of employees who departed during Q1, so the true run rate entering into Q2 is lower. Headcount at quarter end was approximately 441. Sales and marketing was 19.1 million, up 111% year over year, but down significantly from the 32.9 million and 39 million we spent in Q3 and Q4 2025 respectively. We are continuing to deploy marketing capital opportunistically calibrated to market conditions and acquisition ROI. Within that figure, brand and performance marketing was 7.6 million and credit card rewards and promotional and Referral incentives were 11.4 million. Transaction losses were 11.1 million, up from 4.1 million in Q1 of 2025. The increase was driven by three items. Our provision for expected credit losses on the credit card portfolio of 4.6 million, up from 2.5 million in Q1 of 2025. As the portfolio continues to scale, a credit card fraud reserve of 4.1 million, a new item with no comparable charge in Q1 of 2025 and ACH and other transaction losses of 2.4 million, up from 1.6 million in Q1 of 2025. The provision and fraud reserve reflect seasoning dynamics on a rapidly growing portfolio, and overall credit performance remains consistent with our expectations. We have also taken steps to further strengthen our fraud controls and monitoring. Technology expenses were 22.1 million, up 32% year over year, reflecting infrastructure investments to support platform growth and new product launches. General and Administrative expenses were 21.7 million, up 55% year over year, driven primarily by higher legal expenses. Combined tech and GNA was 43.7 million for the quarter. On the bottom line, net loss was 109 million, an improvement of 27% year over year compared to a net loss of 149.3 million in Q1 of 2025. Adjusted EBITDA was a loss of 59.9 million compared to a loss of 92.2 million in Q4 of 2025 and a loss of 61.6 million in Q1 of 2025. The sequential improvement reflects the early impact of our cost actions, so the full benefit of the Q1 restructuring will begin to flow through in Q2. We are not satisfied with the current loss levels, but we believe the path forward is clear, scaling the card efficiently, growing predictions and continuing to build recurring services revenue that compounds regardless of trading volumes while maintaining discipline on our expense base and leveraging the infrastructure we've built across the platform. A few platform metrics worth noting monthly transacting users were 589,000, up 17% year over year. That growth is occurring despite a softer trading environment which reflects the platform diversification we've been building across the card staking and now prediction markets. Assets on platform were 11.1 billion as of March 31, 2026 compared to 14.2 billion as of March 31, 2025. That decline reflects lower crypto asset valuations relative to the elevated market levels in the prior year period, not a reduction in user engagement or assets managed. Let me close with our outlook. We are not providing formal revenue guidance at this time. Consistent with our approach last quarter, given the continued uncertainty in the macro environment on expenses, the restructuring actions we announced in Q1 are expected to begin flowing fully through the cost structure in Q2. The key parameters we shared last quarter remain unchanged. To briefly recap those Cash compensation, excluding stock based compensation and restructuring charges is expected to decline 15% to 20% relative to 2025 levels. Stock based compensation is expected to total 100 to 115 million for the full year. Technology and GNA combined is expected to range from 155 to 190 million for the full year and marketing, excluding rewards and promotions is expected to run at 10% to 15% of revenue. On liquidity, we ended the quarter with 215.6 million in cash and cash equivalents. As Cameron and Tyler noted, our founders have completed a 100 million direct investment into Gemini funded in Bitcoin, further strengthening our balance sheet as we execute on our 2026 priorities. The through line across all of this is straightforward. We are growing revenue, diversifying away from digital asset trading, holding discipline on cost, and as our founders commitment demonstrates, we have both the conviction and capital behind us to see it through. The focus for the balance of 2026 is about disciplined execution on each of these priorities. To summarize, Q1 showed meaningful progress on the priorities we laid out. Revenue grew 42% year over year. Services revenue and interest income now represent nearly half of total revenue. And our cost reset is underway. The momentum in the card, the early traction in predictions and the growth in our OTC business give us confidence that we are building a more durable platform. We have more work to do on profitability and we are moving with urgency. We are building a more diversified, more disciplined business and we believe we are better positioned to scale and as market conditions improve. And with that, I'll hand it back to Ryan to open up the Q and A. Ryan Todd (Head of Investor Relations) We will now take questions from our research analysts. Questions were submitted to us in writing and we will take one question per analyst. Our first question comes from Adam Frisch at Evercore who asks the $100 million private placement at $14 a share is a strong vote of confidence. Can you discuss the strategic rationale behind the investment and whether there are any commercial or product implications and how the additional liquidity affects your priorities across exchange card predictions and derivatives. Cameron Wicklevoss Thanks for the question, Adam. This is Cameron. And so in regards to our $100 million investment, our belief is that the Gemini stock is significantly undervalued at current levels. And we believe this investment reflects that belief and our conviction in Gemini with respect to the use of funds. So we're focused on being offensive and supporting existing as well as products that are hopefully coming to market soon, including equities. And when we look at the business, we really feel it's disconnected. The share price is disconnected from the underlying business. And when we look at where Gemini was when it launched in September IPO'd in September of 2025, we don't believe that this is a business that's 1/6 of the value of that company that IPO'd and in fact quite the opposite. We feel that we have since launched an entirely new marketplace of prediction markets, which we're really excited about. We're really encouraged with the growth so far, and we've acquired a DCM license as well as a DCO license along the way. And those licenses alone are trading north of $100 million in the open market each. And I don't think the share price reflects any of that underlying value, let alone the improvements in our product. And so we're looking to continue to support existing products and focuses as well as future products, including equities, which we hope to launch soon. James Yarrow (Equity Analyst) The next question is from James Yarrow at Goldman Sachs who asks could you comment on the status of the Clarity Act? How do you expect this bill to evolve and what are your latest views on the impacts on your business? Cameron Wicklevoss So we've been building a regulated exchange and custodian for over a decade now in the US via the state MTL path and we will continue to do so until there is a federal framework such as Clarity. It definitely feels like we're getting closer to Clarity. It's hard to predict exactly what the timing will be, but we're definitely encouraged with the direction and the pace that things are moving. And so I think that we've always believed that a good bill, the right bill, will be very positive for the market and we welcome that and we hope that is the case and continues to sort of make its way through the rounds. At the same time, if for whatever reason it does stall out, we are a built and positioned in a very regulated posture and we'll just continue building and doing what we're doing. Matt Code (Equity Analyst) Our next question comes from Matt Code at Truist who asks the prediction markets cross sell continues to Progress well with 3.5% of your user base now putting in a trade since the product's inception last year. Could you provide some more detail on how you're driving this successful cross sell, where you would expect the penetration rate to sit at the end of the year and how you're seeing engagement levels trend as well. Cameron Wicklevoss Thanks for this question, Matt. So the cross sell, we're seeing a lot of good success there. We're very encouraged at the 3.4% so far. Hard to predict where that settles out. But I think that the story here is that we're very early with this product predictions within Gemini. We continue to surface it within the app. It's one of our core tabs. We also surface it in different buy flows and I think people there's a number of users who still just haven't found it yet and don't know that Gemini is in predictions and are discovering it on a daily basis or a weekly basis. So we think that there's a lot of room to grow here, both within the Gemini ecosystem, but also people outside of it who are not currently customers today who are seeing our product on social media or hearing about it and curious to give it a try. We're seeing some cool results. We have 78% month over month growth in total prediction market volume. I think we did almost approximately 30 million in notional last month. So far this month we've crossed 20 million in notional. So we think we will beat last month and hopefully by a considerable amount. We'll have to see. But I think the key thing is are we continuing to grow month over month and what is that growth rate? That's I think the name of the game right now and we're seeing about half of that volume is coming from cross crypto contracts, which makes sense. We have obviously a very user base that's passionate about crypto contracts and we've been adding just a lot more durations with monthly touch contracts, weekly, daily, hourly, 15 minute 5 minutes starting with Bitcoin, Ether, Solana and XRP now. And so we're just adding more contracts, more durations. We added a lot of real world commodities in the past quarter including oil, gold, silver. So the story's early and it's hard to say exactly where that gets saturated, but we think that there's people that are discovering the product and really liking it. Dan Dola (Equity Analyst) Our next question comes from Dan Dola from a Zuho who asks on credit card, can you walk through current credit performance versus expectations and how funding is evolving as receivables grow, including what changes if macro softens? And combining A follow up question asked can you speak to the higher provision for credit losses in the quarter, what happened there and what is being done to prevent another incident of that size in the future? Daniela Stoyanovic (Interim CFO) Sure. Thanks so much Dan for the question. I'll try to walk through these questions one by one. So on credit performance broadly, the portfolio is performing in line with our expectations. Our 30 plus day delinquency rate was 3.8% at quarter end and our annualized charge off rate is running around 3.5%. So both of which sort of represent meaningful improvement from where we were a year ago when the portfolio was in its really earliest and most delinquency prone stage. On the provision specifically we don't see that 8.6 million figure you would have seen in our earnings release as a representative of the underlying credit trajectory and I want to be really clear about why. So as we also disclosed roughly 4.1 million of that charge related to a discrete fraud event that occurred during the quarter. That item we believe is non recurring and most importantly we have taken real steps to strengthen our fraud controls to prevent a reoccurrence normalizing for that item. Our core Provision was approximately 4.6 million higher than Q4, which does reflect some normal seasoning as the portfolio matures, but consistent with what we'd expect from a portfolio that has tripled in size over the past year. In terms of what happened with that fraud incident, we're not going to discuss the exact mechanics or attack vector for security reasons, but what we can say is that the issue was identified, contained and fully reserved for during the quarter following that incident. We've definitely implemented additional controls and monitoring enhancements across the affected workflows. And I think what's important to note is fraud is not a static problem, so fraudsters continuously adapt their methods, particularly in digital financial ecosystems and our controls and monitoring frameworks evolve alongside that. And just to add also our pre provision net revenue reached a new high of 3.8 million this quarter which is up over 150% year over year. And that's the signal on the underlying economics of the card business. You asked on funding, so on funding we have our warehouse facility in place that has scaled alongside receivables, provides us the capacity we need to support the portfolio today our funding costs are manageable and we're actively evaluating our long term funding mix. As the portfolio continues to grow, we maintain an open and ongoing dialogue with our funding partners and continue to stress test the portfolio under different macro scenarios. And stepping back, we continue to view the card less as a standalone product and more as a strategic engagement layer inside the Gemini ecosystem. So over half of our predictions traders are also holders of the Gemini credit card and we remain very focused on credit discipline and portfolio economics as well as the broader value creation that comes from driving deeper multi product engagement across the platform. So while quarterly growth rates may moderate relative to the initial high growth launch phase that we saw, we we continue to believe that the card can be an engagement driver for the broader Gemini ecosystem and hopefully facilitate Gemini's long term growth. Michael Cypress (Equity Analyst) The next question comes from Michael Cypress from Morgan Stanley. What drove the strong OTC performance? Is this a function of crypto market volatility and users opting for a different approach or is there something more structural going on and should we expect that momentum to carry forward as a quick follow up on staking? Anything to call out on staking being lower than expected. Do you view this alongside a downturn in trading activity? Daniela Stoyanovic (Interim CFO) Sure. Thanks, Michael. So we're very pleased with the OTC performance this quarter. This quarter really reflected a combination of both market conditions and underlying business momentum, so I'll touch on both. On the market side, there was some episodic activity during the quarter tied to client positioning and periods of market volatility which contributed to elevated volumes. We view the continued maturity of the platform itself as the most important trend though. And over the last several quarters we have expanded our electronic OTC capabilities, onboarded additional API driven institutional counterparties, and also deepened engagement with existing clients. And so we're increasingly seeing repeat flow from clients integrating Gemini into their trading infrastructure rather than approaching the desk opportunistically. And we will continue to look for ways to expand our OTC offerings and capabilities. In terms of sustainability, we would not necessarily extrapolate the exact Q1 growth rate or assume every quarter will benefit from the same level of episodic large trades. OTC can be naturally somewhat lumpy quarter to quarter, but structurally we do believe the business is stronger today than it was a year ago. Our client base is broader, electronic penetration is increasing, and institutional engagement remains healthy. So while volatility can amplify activity in any given quarter, we think there is still meaningful underlying growth trajectory of in the product itself. And I'll touch on staking as well. So staking was down 31% year over year. And there are two straightforward factors that's really driving that. The first is crypto asset prices. So staking revenue is the direct function of the value of assets staked on our platform. And when ETH and Solana prices are lower relative to a year ago, the dollar value of rewards that we generate for customers and the fees we earn on that are proportionally lower. That's really the majority of the year over year decline. And it's a dynamic that's fully correlated with the broader crypto market environment. And then the second factor is staking yields on the network themselves, which have moderated from the elevated levels that we saw in early 2025. We don't view this as a concerning signal for the staking business. During 1Q26, our team completed a full migration of our users to staking 2.0, which is a ground up rebuild of our staking infrastructure that we believe fundamentally changes our ability to grow in this business going forward. The new architecture enables auto compounding for ETH validators. It reduces redemption times from roughly 50 days to eight days for the vast majority of staked funds and gives us the infrastructure foundation to rapidly onboard new networks and institutional customers. And lastly, we have also launched a fully rebuilt staking UX during the quarter. So while the revenue line is reflecting the macro environment, the underlying investment in the platform positions as well when asset prices and yields recover John Todaro (Equity Analyst) Our final question comes from John Todaro at Needham Prediction markets are still in the early stage, but great to see 78% month over month growth in April. What type of clients are trading prediction markets? More specifically, are there any specific categories within prediction markets that your clients are trading? And as a quick follow up, are there any categories around these markets that are not currently offered to clients where you see long term growth opportunities? Cameron Wicklevoss Thanks for the question. So the crypto contracts are one of our biggest categories. I think they account for about 50% of the contracts traded. As I mentioned earlier, we have all types of durations on various crypto contracts starting with Bitcoin, Ether, Solana, XRP and zcash. Zcash in particular has been really popular the last week or so with the recent price action and run up in price. And then we have a full suite of sport contracts. Those are also quite popular. And then we added in the past quarter a lot of real world commodities including oil. So the price of wti, the price of Brent, and we have durations on that from monthly to weekly to daily contracts and we'll continue to expand that outward. We've added some weather contracts, we've seen interest there and I think we'll continue to sort of go wider and deeper. I think we have hundreds of contracts trading per day, but I think that can easily scale into the thousands of all the different price levels. And we see continued interest from market makers and participants who are already in the space on other venues who see sort of the growth in our marketplace and are curious to provide liquidity and trade it. So we're just getting started. I think we got our we launched in December 15, so I think we're maybe less than perhaps 2/4 or just shy just over 2/4 since launch and the product is sort of unrecognizable from the MVP that we launched in late 2025 and we continue to shift improvements multiple times a week. So we're really excited about it and I think our customers are realizing, oh wow, you guys are really making a lot of progress here. I don't need to leave Gemini I can do all my predictions here. So we're excited about that. OPERATOR Thank you. This concludes today's conference. Thank you for your participation. You may now disconnect. Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.