Gemini’s Post-IPO Earnings Report Reveals Revenue Growth Amid Widening Losses
Gemini's first quarterly earnings report since its Nasdaq debut delivered mixed signals. Revenue surged 52% to $49.8 million, fueled by transaction fees and service offerings like staking and custody solutions. Yet investor enthusiasm waned as net losses ballooned to $159.5 million, nearly doubling year-over-year.
The crypto exchange's operating expenses more than doubled to $171.4 million, reflecting the costs of its public market debut. While digital asset holdings generated a $106.8 million gain, this was offset by an $83.1 million loss elsewhere. The post-market stock reaction suggests traders remain skeptical about Gemini's path to profitability.