Gemini Space Station, Inc.

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. 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 Stojanovic. 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.

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 one-sixth 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 DCO 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 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 DCO, 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 DCO uses the same clearing structure that has underpinned traditional derivatives markets for decades. This DCO follows our DCM, our designated contract market license, which we received in December 2025. A DCM allows you to list derivatives contracts. We started with events contracts for our prediction marketplace. The DCO is the other half of the puzzle. DCM plus DCO 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 DCM and DCO in-house, the same way we built our crypto exchange over the past decade. Our regulatory positioning is foundational, not bolted on. Holding the DCM and DCO 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 a significant margin. Most of the price discovery for Bitcoin happens in perpetuals 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 purpose in the United States. The crypto story in terms of regulated onshore price discovery does not fully start in 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 platform's best position to win in this arena when it arrives. In addition to securing our GCO, 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 U.S.-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 DCO 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.