Gemini reported weaker third-quarter revenue as a steep year-over-year decline in trading activity weighed on its exchange business, even as the company reduced expenses and narrowed its losses.
Total revenue came in at $40.9 million, down 19% from $50.6 million a year earlier and 10% from the second quarter. The crypto exchange said its net loss narrowed to $58.6 million, compared with nearly $160 million a year earlier and $107.7 million in Q2.
Trading slowdown hit core exchange revenue
The biggest drag on results was the exchange business. Gemini said exchange revenue fell 47% to $13.4 million as trading volume dropped to $4.5 billion in the quarter from $16.4 billion a year earlier.
That annual comparison reflects a much stronger market backdrop in 2025, when crypto markets were in a bull run. Even so, trading activity improved sequentially, with volume up 18% from the previous quarter.
Cost cuts reduced the quarterly loss
Despite the revenue decline, Gemini reported a much smaller loss than it did a year ago. Operating expenses fell 30% year over year to roughly $120 million, helping narrow the company’s net loss.
The latest figures also show improvement from the second quarter, when Gemini posted a net loss of $107.7 million. The results suggest expense reductions played a central role in limiting the impact of weaker trading revenue.
Other business lines showed mixed performance
Outside the exchange segment, Gemini’s credit card business generated $15.5 million in revenue. That was down 4% from the prior quarter.
The company also said assets on the platform rose sharply to $13.4 billion, up from $8.4 billion in Q2. Meanwhile, its prediction markets business brought in $800,000 in revenue, a 52% increase from the previous quarter.
Prediction markets are a stated expansion area
Gemini said it is looking to make its exchange and clearinghouse available to brokerages for event contracts, signaling a potential push to expand its prediction markets offering.
That initiative remains a plan rather than a completed rollout, but it stands out as one of the clearer growth areas in the quarter alongside the increase in assets held on the platform.
Source: www.theblock.co