Most exchanges are probably losing money! I previously analyzed Coinbase's financial report. The main growth driver for this top North American exchange is actually its stablecoin business, while the exchange business, even with the addition of futures, is still down year-over-year. Maybe Gemini's performance is a more accurate reflection of most exchanges—burned over $200 million, and revenue only increased by $20 million The 2025 market isn’t actually that bad, so in 2026, let’s see which one can’t hold on first