Gemini's Q3 revenue slips to $40.9 million as retail trading sinks to a three-year low, though losses narrow

Summary

Crypto exchange Gemini reported $40.9 million in third-quarter revenue on Thursday, down 19% from a year earlier and 10% from the second quarter, The Block reported.

Its net loss narrowed to $58.6 million, from nearly $160 million a year ago and $107.7 million in Q2, as operating expenses fell 30% year over year to roughly $120 million, according to The Block.

Total spot trading volume was $4.5 billion, up 18% from Q2 but down 73% from $16.4 billion a year earlier, while retail volume fell 14% quarter over quarter to $600 million, its lowest since Q3 2023, Cointelegraph reported.

Both outlets put exchange revenue at $13.4 million; The Block frames that as a 47% drop from a year earlier, while Cointelegraph notes it was up 7% from the previous quarter as institutional revenue more than doubled.

Key facts

• Institutional spot volume climbed 26% quarter over quarter to $3.9 billion, which Gemini said was supported by increased institutional Zcash activity and expanded affiliated market-making. (Cointelegraph)
• Retail traders still contributed nearly three-quarters of Gemini's exchange revenue, and the company gave no specific reason for the retail decline. (Cointelegraph)
• Gemini's prediction market unit's revenue rose 52% from Q2 to $796,000 (The Block rounds it to $800,000), and Gemini said October's average daily prediction traders ran about 50% above the Q3 average. (Cointelegraph)
• Assets on the platform rose to $13.4 billion from $8.4 billion in Q2, and credit card revenue slipped 4% quarter over quarter to $15.5 million. (The Block)
• Gemini shares (GEMI) rose 6.5% after hours to $2.79 but remain down about 75% year to date. (The Block)
• An August letter of intent with Apex Fintech Solutions to distribute Gemini's crypto event contracts through Apex is still not finalized. (The Block)