Gemini revenue drops 19% to $40.9 million as retail trading hits three-year low
Gemini reported a 19% drop in third-quarter revenue to $40.9 million as total trading volume plunged 73% year over year to $4.5 billion. Despite an 18% increase in spot volume, retail activity sank to a three-year low of $600 million.
Gemini saw its third-quarter revenue fall 19% to $40.9 million as overall trading volume plunged 73% from a year earlier to $4.5 billion, according to reports by The Block and Crypto Briefing. Reduced costs helped the crypto platform narrow its quarterly net loss to $58.6 million, down from $159.5 million in the prior-year period.[2][3][5]
The quarter exposed an accelerating retail slowdown. Retail volume declined 14% to $600 million, touching its lowest point in three years even as total spot volume rose 18% to $4.5 billion, Cointelegraph reported. The ongoing drop in trading activity has highlighted the operational challenges of relying on volatile crypto markets, prompting the company to pursue diversification into other financial services, Crypto Briefing noted.[1][2][6]
The results mark a fifth consecutive quarterly loss for the company since its initial public offering last year, Bloomberg reported. Led by Tyler and Cameron Winklevoss, the firm went public shortly before crypto markets retreated from record highs. GEMI shares rose roughly 6% in after-hours trading following the report, though the stock remains down approximately 75% since the beginning of the year.[3][4][5]
Key facts
- Gemini's third-quarter revenue fell 19% to $40.9 million.
- Trading volume plunged 73% year over year to $4.5 billion in Q3.
- Retail trading volume dropped 14% to $600 million, reaching a three-year low, even as spot volume rose 18%.
- Gemini's net loss narrowed to $58.6 million from $159.5 million as expenses fell.
- Gemini posted a net loss for the fifth straight quarter since its IPO last year.
- GEMI shares gained about 6% after hours following the release, but remain down around 75% year-to-date.
Sources · 6 sources
- CO
Cointelegraph@CointelegraphPost on X ·
⚡️ NEW: Gemini’s Q3 retail volume dropped 14% to $600M, its lowest in three years, even as total spot volume rose 18% to $4.5B. https://t.co/Xoov5YA8p2
Open source - CB
Crypto BriefingArticle ·
Gemini revenue falls 19% to $40.9M as crypto trading volume plunges Gemini's revenue drop highlights the challenges of relying on volatile crypto markets, prompting diversification into other financial services. The post Gemini revenue falls 19% to $40.9M as crypto trading volume plunges appeared first on Crypto Briefing .
Open source - TB
The BlockArticle ·
Gemini trading volume drops 73% as Q3 revenue falls to $41 million Gemini shares rose more than 6% after hours, though the stock remains down around 75% since the year began.
Open source - BL
Bloomberg@businessPost on X ·
Gemini, the digital-asset platform led by the billionaire brothers Tyler and Cameron Winklevoss that went public last year just before the crypto market tumbled from record highs, posted a loss for a fifth consecutive quarter since the IPO https://t.co/dDac5SE3yU
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Gemini's Q3 trading volume plunged 73% from a year earlier to $4.5 billion, while revenue fell 19% to $40.9 million. Its net loss narrowed to $58.6 million from $159.5 million as costs fell. $GEMI shares rose nearly 6% after hours but remain down around 75% this year. https://t.co/mVqq5sRB6U
Open source - CT
Coin TelegraphArticle ·
Gemini’s quarterly retail trading volume sinks to 3-year low Gemini’s third-quarter trading rebound masked a deepening retail slump.
Open source