Gemini Defies Market Gloom: Q3 Revenue Soars 52% While Shares Stumble

Gemini's crypto exchange just pulled off a Wall Street magic trick—revenue rockets while share prices tank. Here's how they did it.

Revenue on a Tear Despite Bearish Sentiment

While traditional investors panicked over sliding share prices, Gemini's Q3 revenue surged 52% year-over-year. The exchange doubled down on institutional services and derivatives—proving crypto's institutional adoption isn't slowing down.

Wall Street's Loss, Crypto's Gain

Shares tumbled? Classic. Revenue boomed? Also classic—for exchanges that actually understand crypto's volatility. Gemini's growth mirrors crypto's stubborn resilience, even as stock traders hyperventilate over 'risky assets.'

The Bottom Line: Numbers Don't Lie

While equity markets fret, Gemini's revenue spike screams one thing: crypto's not just surviving—it's thriving. And if Wall Street still doesn't get it? That’s their loss. (And maybe their regulators’ fault.)

Drivers of Strong Revenue Growth

Gemini’s transaction revenue increased 26% quarter-over-quarter to $26.3 million, the report read. The surge is attributed to the exchange’s new features and expansion into new markets.

The firm reported 111% surge in services revenue to $19.9 million.

The surge reflects “continued diversification of Gemini’s business mix and growing contributions from credit card, staking, and custody products,” the New York-based company said.

“The Gemini Credit Card delivered record performance, surpassing 100,000 open accounts and more than $350 million in quarterly transaction volume, more than doubling quarter over quarter,” said Cameron Winklevoss, President and Co-Founder, Gemini, during the earnings call.

Additionally, the exchange introduced a self-custody wallet in August that aims to streamline user access to Web3 protocols, DeFi platforms, and on-chain applications. Besides, it is also preparing to launch prediction market contracts, competing with dominant players – Kalshi and Polymarket.

Gemini See Mounting Losses

The crypto platform has logged a massive $159.5 million loss in Q3, as Gemini’s operating expenses more than doubled from the same period last year.

The loss is largely due to stock-based compensation and its September IPO marketing, with adjusted EBITDA at negative $52.4 million.

“We expect spend levels in upcoming quarters to depend on the performance opportunities we see in the market,” said Marshall Beard, COO at Gemini, during Monday’s earnings call.