Gemini Reports Strong Q3 Growth Despite Losses, Stock Falls on Profitability Concerns

Gemini, the crypto exchange and financial services platform, posted its strongest quarterly performance in recent years, driven by surging trading volumes and product expansion. Co-founders Cameron and Tyler Winklevoss highlighted record user acquisition, though market sentiment was tempered by elevated expenses and ongoing losses.

Trading volumes hit a multi-year high of $16.4 billion, up 45% quarter-over-quarter. Institutional activity led the charge with $14.6 billion in volume, a 49% increase, while retail trading ROSE 20% to $1.8 billion. Transaction revenue climbed 26% to $26.3 million.

The Gemini Credit Card emerged as a standout, surpassing 100,000 accounts with $350 million in quarterly transaction volume—more than double Q2's figures. Card revenue reached $8.5 million, fueled by 64,000 new signups compared to 17,000 in the prior quarter.

"We are building that super app for the future," said Cameron Winklevoss, underscoring the company's vision of merging crypto and traditional finance. Tyler Winklevoss added: "Trust drives engagement, engagement builds liquidity." Services revenue, including staking and custody operations, now accounts for nearly 40% of total revenue.