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🩸BEARISH TheBlock

Gemini Volume Sinks 73% as Q3 Revenue Falls to $41M

Cost cuts narrowed the net loss to $58.6M and assets on the platform jumped to $13.4B, but GEMI shares remain down roughly 75% year to date despite an after-hours bump on the report.

Gemini's trading volume collapsed 73% year over year in the third quarter, dragging total revenue down 19% to $40.9 million from $50.6 million a year earlier and 10% from Q2. The drop traces to exchange revenue falling 47% to $13.4 million, as traded volume slid to $4.5 billion from $16.4 billion at the height of the 2025 bull run. Aggressive cost cuts blunted the damage: operating expenses fell 30% year over year to roughly $120 million, and the net loss shrank to $58.6 million from nearly $160 million a year ago and $107.7 million last quarter.

Why it matters

Gemini is shrinking its way through the post-bull downturn, and the quarterly picture shows a pure trading business feeling the full weight of the crypto cycle. CEO Tyler Winklevoss said operating expenses have now declined for three consecutive quarters, with the company staying disciplined about where growth dollars go. Notably, assets on the platform jumped to $13.4 billion from Q2's $8.4 billion, meaning customers are holding assets on Gemini even as they trade far less.

The growth bet is prediction markets. The segment generated $800,000 in revenue, up 52% quarter over quarter, and Gemini signed a letter of intent with Apex Fintech Solutions in August to offer crypto event contracts through Apex's brokerage network, though the deal is not finalized. President Cameron Winklevoss framed the strategy as owning the regulated infrastructure underneath the platforms that last.

Market impact

GEMI shares rose 6.5% in after-hours trading to $2.79 as investors rewarded the narrowing losses, but the stock remains down about 75% year to date. Trading volume did grow 18% from the second quarter, an early sign of cyclical recovery. The next catalysts to watch are a finalized Apex partnership and whether prediction markets can scale from a sub-$1 million revenue line into a meaningful business.

$GEMI#Gemini#ExchangeEarnings#PredictionMarkets

Frequently asked questions

  1. How much did Gemini's trading volume fall in Q3?

    Trading volume dropped 73% year over year, to $4.5 billion from $16.4 billion at the height of the 2025 bull run. Volume did grow 18% from the second quarter.

  2. What was Gemini's net loss in Q3?

    The net loss shrank to $58.6 million from nearly $160 million a year earlier and $107.7 million in Q2, helped by a 30% year-over-year cut in operating expenses to roughly $120 million.

  3. Why did GEMI stock rise after the earnings report?

    Shares rose 6.5% in after-hours trading to $2.79 as investors rewarded the narrowing losses, though the stock remains down about 75% year to date.

  4. How big is Gemini's prediction markets business?

    The segment generated $800,000 in Q3 revenue, up 52% quarter over quarter. Gemini also signed a letter of intent with Apex Fintech Solutions to offer crypto event contracts, though the deal is not finalized.

  5. How much do customers hold on Gemini?

    Assets on the platform jumped to $13.4 billion in Q3 from $8.4 billion in Q2, showing customers are custodying more even as trading activity declined sharply.

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