Gemini's trading volume fell 73% from a year earlier in Q3, pushing total revenue down to $40.9 million. Cost cuts still narrowed its net loss to $58.6 million, and its prediction market revenue rose 52% from Q2.
Gemini's trading volume is down 73% from a year earlier in the third quarter, which dragged revenue lower even as cost cuts narrowed its losses. The exchange reported $40.9 million in total revenue on Thursday, down 19% from $50.6 million a year ago and 10% from the second quarter.
Losses shrink as costs fall
Its net loss shrank to $58.6 million from nearly $160 million a year earlier and $107.7 million in Q2. Operating expenses fell 30% year over year to roughly $120 million.
Gemini CEO Tyler Winklevoss said in a statement: "Operating expenses declined for a third consecutive quarter". Shares of Gemini Space Station rose 6.5% in after-hours trading to $2.79 but remain down around 75% year to date.
Exchange revenue falls 47% while platform assets grow
Exchange revenue dropped 47% to $13.4 million, as trading volume declined to $4.5 billion from $16.4 billion last year at the height of the 2025 crypto market bull run. Volume did grow 18% from the previous quarter.
Credit card revenue slipped 4% from the prior quarter to $15.5 million. Assets on the platform, however, jumped to $13.4 billion from Q2's $8.4 billion.
Prediction markets offer a growth path
Gemini's prediction market segment generated $800,000 in revenue, up 52% quarter over quarter. The company is looking to open its exchange and clearinghouse to brokerages that want to offer event contracts.
In August, Gemini signed a letter of intent with Apex Fintech Solutions to offer crypto event contracts through Apex. The deal is still not finalized.
Source: The Block
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