Gemini trading volume drops 73% as Q3 revenue falls to $41 million

Gemini's trading volume is down 73% from a year earlier in the third quarter, dragging revenue lower despite cost cuts narrowing its losses.

The exchange reported $40.9 million in total revenue on Thursday, down 19% from $50.6 million seen a year ago and 10% from the second quarter. Its net loss shrank to $58.6 million from nearly $160 million a year earlier and $107.7 million in Q2.

Shares of Gemini Space Station Inc. Gemini Space Station Inc. (GEMI) rose 6.5% in after-hours trading to $2.79 but remain down around 75% year to date.

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 also dropped 47% to $13.4 million, stemming from a trading volume decline to $4.5 billion from $16.4 billion last year at the height of the 2025 crypto market bull run. Still, volume grew 18% from the previous quarter.

Credit card revenue slipped 4% from the prior quarter, bringing in $15.5 million. Meanwhile, assets on the platform jumped to $13.4 billion from Q2's $8.4 billion.

Gemini prediction markets

Gemini's prediction market segment generated $800,000 in revenue, up 52% quarter over quarter. The company is looking 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.