Gemini reported $40.9 million in total revenue for the third quarter, a 19% decrease from the $50.6 million recorded a year ago and a 10% drop from the second quarter. This decline follows a 73% drop in trading volume compared to the previous year.
Shrinking losses amid falling revenue
The exchange saw its net loss shrink 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. "Operating expenses declined for a third consecutive quarter, and as we invest in growth, we intend to stay disciplined about where those dollars go," Gemini CEO Tyler Winklevoss said in a statement.
Exchange revenue dropped 47% to $13.4 million because trading volume fell to $4.5 billion from $16.4 billion last year during the 2025 crypto market bull run. However, volume grew 18% from the previous quarter. Credit card revenue slipped 4% from the prior quarter to $15.5 million. Assets on the platform rose to $13.4 billion from $8.4 billion in Q2. Shares of Gemini Space Station Inc. rose 6.5% in after-hours trading to $2.79 but remain down around 75% year to date.
Growth in prediction markets
Gemini’s prediction market segment generated $800,000 in revenue, which is up 52% quarter over quarter. The company wants to make its exchange and clearinghouse open 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, though the deal is still not finalized. "Gemini 2.0 is our bet that the platforms that last will be the ones that own the regulated infrastructure underneath," Gemini President Cameron Winklevoss said.
