Gemini Space Station Inc., the digital-asset platform led by billionaires Tyler and Cameron Winklevoss, posted a fourth consecutive quarterly loss since its IPO last year. The second-quarter loss was $107.7 million, or 89 cents a share, exceeding analyst estimates. In the same period last year, Gemini lost $133 million.

Revenue increased 37% to a more-than-anticipated $45.5 million, offering a bright spot amid the losses. The company went public just before the crypto market tumbled from record highs, and has struggled to turn a profit in the volatile market.

The results reflect ongoing challenges for the crypto exchange sector, with Gemini facing headwinds from price swings and regulatory uncertainty. Despite revenue growth, the widening loss underscores the difficulty of achieving profitability in the current environment.