Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions Related party securities purchase agreement On May 14, 2026, the Company entered into a securities purchase agreement with WCF, a related party through common ownership, pursuant to which the Company agreed to issue and sell, in a private placement, 7,142,857 shares of the Company’s Class A common stock, at a price of $14.00 per share for aggregate proceeds to the Company of $100.0 million, with consideration paid in approximately 1,258 bitcoin. As of June 30, 2026, the Company held approximately 988 bitcoin received in connection with the Private Placement, with an aggregate fair value of approximately $57.9 million. These bitcoin are included in Crypto assets held on the condensed consolidated balance sheets. Security services In January 2026, the Company entered into a services agreement with Winklevoss Capital Management, LLC (“WCM”), a related party through common ownership, pursuant to which WCM provides executive protection, secure transportation and risk advisory services for our Chief Executive Officer, President, their family members, and, as appropriate, other individuals designated by Gemini from time to time. The agreement has an initial one-year term and renews automatically unless earlier terminated. Under the agreement, the Company pays WCM a fixed monthly rate of $400,000, plus reimbursement of certain other expenses. WCM has agreed to waive any fees, costs, or expenses that exceed $1,000,000 in the aggregate for the first year of this agreement. The Company incurred expenses of $0 and $0.4 million under this agreement during the three and six months ended June 30, 2026, respectively. These expenses were classified as General and administrative on the condensed consolidated statements of operations and comprehensive loss. There were no outstanding amounts related to WCM included in Accrued expenses as of June 30, 2026 on the condensed consolidated balance sheets. Services agreement In 2017, the Company entered into an amended services agreement with Winklevoss Capital Management, LLC, a related party through common ownership, for WCM to provide management and consulting services to the Company (the “Services Agreement”). In exchange for these services, the Company incurs a fee based on an allocation of WCM employee compensation proportional to WCM employee time spent providing services to the Company. The Company incurred $0.1 million under this agreement during the three and six months ended June 30, 2025, and did not incur any expenses in 2026. These expenses were classified as General and administrative on the condensed consolidated statements of operations and comprehensive loss. No amounts outstanding related to WCM were included in Accrued expenses as of December 31, 2025 and June 30, 2026, respectively, on the condensed consolidated balance sheets. The agreement with WCM for management and consulting services was terminated in August 2025. No further expenses were incurred and no further payments were made pursuant to these agreements. Computer services and storage facilities In 2017, the Company entered into an agreement with Elysian Networks, LLC (“Elysian”), a related party through common ownership, pursuant to which Elysian provided equipment leasing, cloud-based servers, data storage and computer processing services to the Company. The Company incurred $0.1 million and $0.2 million under this agreement during the three and six months ended June 30, 2025, respectively. These expenses were classified as Technology on the condensed consolidated statements of operations and comprehensive loss. No amounts outstanding were included in Accrued expenses as of June 30, 2026 and December 31, 2025 on the condensed consolidated balance sheets. The agreement with Elysian was terminated in August 2025, and no further expenses have been incurred or payments made pursuant to the agreement thereafter. Related party revenue WCF, a related party through common ownership, accounted for $0.4 million and $0.7 million of the Company’s revenue during the three and six months ended June 30, 2026, respectively, and $0.6 million and $1.2 million of the Company's revenue during the three and six months ended June 30, 2025, respectively. WCF accounted for $0.1 million of the Company’s Accounts receivable, net, as of both June 30, 2026 and December 31, 2025. Related party loans |