According to CoinMeta, in its second-quarter report as of June 30, Gemini reported a net loss of $107.7 million, marking four consecutive quarters of losses. Although revenue increased by 37% year-over-year to $45.5 million, the core spot trading business was significantly weak, with total trading volume dropping from $1.13 billion in the same period last year to $3.8 billion. Gemini experienced an operating loss of $76.9 million, which represents a 18% improvement from the first quarter. The company also recorded realized and unrealized losses on crypto assets and receivables amounting to $60.7 million.