TLDR
- Gemini reported Q3 revenue of $50.6 million, more than double the $24.5 million from the same period last year, driven by a 45% increase in trading volumes to $16.4 billion.
- The company posted a net loss of $159.5 million, compared to $90.1 million a year ago, primarily due to stock-based compensation and marketing costs related to its September IPO.
- Gemini stock fell to an all-time low of $15 in after-hours trading, down more than 11%, continuing a 40% decline since its $28 IPO price in September.
- The Gemini credit card hit 100,000 active accounts with $350 million in spending, doubling from the previous quarter, while services revenue grew to nearly 40% of total income.
- The company is pursuing a “super app” strategy and filed with the CFTC to offer prediction markets, while expanding internationally with a MiCA license in Europe and launching operations in Australia.
Gemini released its first quarterly results as a public company on Monday, showing revenue growth but posting wider losses that sent shares to a new all-time low.
$GEMI just posted a clean Q3 beat:
▪️ Rev: $50.6M vs $47.4M est
▪️ Net losses narrowed sharply to -$6.67 from -$18.33 1Y ago
▪️ Trading volume surged to $16.4B (institutional flow leading
▪️ Monthly users up to 587K
▪️ Platform assets: $21.3B (+61% y/y) pic.twitter.com/7epS23aHBe— Schaeffer's Investment Research (@schaeffers) November 10, 2025
The crypto exchange reported third-quarter revenue of $50.6 million. That figure more than doubled from $24.5 million in the same period last year.
Transaction fees drove much of the growth, bringing in over $26 million. Services revenue, including the company’s credit card and staking products, contributed roughly $20 million.
Gemini Space Station, Inc. Class A Common Stock, GEMI
Trading volumes reached $16.4 billion in the quarter. That marked a 45% increase from the previous quarter.
Institutional trading activity climbed nearly 50% during the period. The growth came as crypto markets rallied through early October before losing momentum.
Losses Widen on IPO Costs
The company posted a net loss of $159.5 million for the quarter. That compared to a loss of $90.1 million in the same period a year ago.
The wider loss came from costs tied to going public in September. Stock-based compensation and marketing expenses related to the IPO drove the increase.
Adjusted EBITDA came in at negative $52.4 million. The loss per share equaled $6.67.
Shares of GEMI ended regular trading Monday up 4% at $16.84. The stock then plummeted in after-hours trading.
It hit a low of $14.75 before recovering slightly. The stock finished the extended session down more than 11% below $15.
That marked a new all-time low for the company. The stock has now fallen roughly 40% since its IPO price of $28 per share on September 12.
Credit Card and Staking Drive Services Growth
The Gemini credit card showed strong performance during the quarter. The product surpassed 100,000 open accounts.
Total spending on the card reached $350 million. That figure doubled from the previous quarter.
Staking balances hit $741 million. Services revenue now makes up nearly 40% of total income for the company.
A year earlier, services represented less than 30% of revenue. The shift shows Gemini diversifying its income sources beyond trading fees.
The company repaid debt after its IPO. It also opened a $150 million credit facility for its card receivables to improve capital efficiency.
Gemini forecast full-year services and interest revenue between $60 million and $70 million. The company expects continued growth from its credit card and staking products.
Super App Strategy and Prediction Markets
President and co-founder Cameron Winklevoss outlined the company’s vision during an earnings call. He said Gemini is building toward becoming a crypto “super app.”
“Our view is that markets are all going onchain,” Winklevoss said. He described a future where users could hold stablecoins, tokenized equity, and digital commodities in one app.
The company plans to build its own products rather than acquiring other firms. Winklevoss said the company is making good progress on this strategy.
Gemini filed with the Commodity Futures Trading Commission to become a designated contract market. The filing would allow the exchange to offer prediction markets.
Winklevoss compared prediction markets to Bitcoin in 2012. He called the sector a “boundless opportunity” in its early days.
The company hopes to launch prediction market products once regulatory approvals come through. Users would be able to bet on outcomes for events ranging from sports to politics.
International Expansion
Gemini secured a MiCA license in Europe in August. The regulatory approval allows the company to operate across European markets.
The exchange launched operations in Australia in early October. The moves represent a push to diversify beyond the U.S. market.
Gemini also launched a self-custody wallet during the quarter. The product adds to the company’s growing suite of offerings as it works toward its super app vision.
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