Two listed crypto exchanges reported first-quarter earnings on Thursday, with Gemini and Bullish both showing adjusted revenue growth alongside headline GAAP losses driven by non-cash items.

Gemini (Nasdaq: GEMI) reported total revenue of $50.3 million for the quarter ended March 31, up 42% year-over-year. The growth was driven almost entirely by its services business: services revenue and interest income climbed 122% to $24.5 million, with credit card revenue up nearly 300% to $14.7 million as cumulative cardholders passed 123,700 over the trailing four quarters. Managed card receivables more than tripled over the same period, reaching $217 million. Exchange revenue fell 27% to $17.2 million as total spot trading volume dropped…