Gemini Space Station, Inc.

Good day, and thank you for standing by. Welcome to the Gemini second quarter 2026 earnings call. At this time, all participants are in a listening mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Ryan Todd, Head of Investor Relations. Please go ahead.

Thanks, Operator. Good morning, and thank you for joining Gemini's second 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, Danijela Stojanovic. Yesterday, we released our second 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 out of the way, let me turn the call over to our founders, Cameron and Tyler.

Thanks, Ryan. Good morning, everyone. With the close of Q2, we are approaching the one-year anniversary of Gemini going public. In September 2025, the price of Bitcoin touched $117,000, and the market we were entering looked much different from the market we operate in today, with Bitcoin closing Q2 below $60K. Despite these headwinds, we have been heads down building to the Gemini of tomorrow. The Gemini platform has changed more in the past nine months Thank you for joining us. Since the end of Q2, we also began operating our derivatives clearinghouse and settling our own prediction markets contracts following the DCO license we received from the CFTC in April. This quarter, we continue to focus on rapidly evolving our predictions business. While Q1 was largely product and feature focused, this quarter we invested in marketplace liquidity and improving the overall trader experience on our prediction marketplace. Since Q1, we tripled the number of contracted market makers on the platform, launched three new maker and taker incentive programs and expanded trading infrastructure with several improvements to our predictions API. On the product side, we ship personalized insights powered by AI and a rebuilt interface with unique category-specific experiences across the contract markets we offer. Looking ahead, we continue to see predictions as the largest near-term growth opportunity on the platform, especially heading into the upcoming sports season in the second half of the year. We've recently certified a wide range of new product filings and continue to deliver new experiences to directly capture that activity. And with our clearinghouse now live and clearing our own contracts, which keeps those economics in-house, we are now focused on adding distribution partners to our DCM and expect to have more updates on our progress here shortly. Through all of it, the focus stays on continuing to improve the health of both sides of the order book. Deeper taker flow attracts more makers, which tightens spreads and lets customers trade with greater capital more predictably. We believe that this is the next unlock in driving prediction activity higher at Gemini. And with that, I'll turn it over to Tyler to discuss our recent business highlights. Thanks, Cameron. Tyler here. In Q1, we laid out our strategy for Gemini 2.0. and Q2 was our first full quarter operating under it. As we march ahead in the second half of 2026, the shape of the business is visibly different. More products, a leaner cost base, less dollars going out the door and revenue that leans less on spot crypto trading every quarter. Danijela will take you through the financial details shortly. So I'm going to spend my time on what we built this quarter and what we intend to do with it. We've operated through crypto market cycles for over a decade, and the rule has held every time. Bear markets are for building. The first half of 2026 was a focus on building by design. We put our dollars and our focus into shipping new products and securing regulated infrastructure. rather than overspend on acquisition in an environment where we felt paid acquisition wasn't going to earn the right return. We continue to believe that was the right sequencing. It put us on pace to complete and operationalize a regulated derivatives stack. Our designated contract marketplace at the start of this year, our derivatives clearinghouse last and earlier this month, and our FCM application filed in June. Very few firms in this country hold that combination of licenses and we built ours in-house rather than spending significant capital to acquire it. And the stack was built for more than predictions. Most price discovery in crypto happens in perpetual futures, not spots. and today, the vast majority of that volume sits outside the United States. We already offer perpetual contracts to customers in Singapore, so the products and the technology are built and running. We own the DCM and the DCO and have filed our FCM application. If and when we receive the approvals we need, we are ready and intend to launch perpetual features for U.S. customers. On the product side, this year we have dramatically expanded what customers can actually trade at Gemini. With commission-free US equities and ETFs launched in July, the platform now offers more than 5,000 tradable markets across equities, crypto, and event contracts, up from less than 100 a year ago. We also rebuilt our advanced trading experience on mobile. so customers can trade directly from the chart or the order book with positions, open orders, and margin all visible in one place. We expanded the assets available for margin trading and we continue to improve our developer platform and API trading capabilities for programmatic and agentic traders. Taken together, The first half of this year was about building the products and license infrastructure needed to support a financial super app. We feel confident we've never had a better mousetrap, and it's driving better engagement with multi-product users nearly doubling year over year. The focus now shifts to distribution and growing revenue by getting more customers and more activity on the platform, while holding the cost discipline we've established this year. With that, I'll turn over the call to our interim CFO, Danijela, to discuss our financial results for the quarter in greater detail.