Gemini Stock Plummets Despite Revenue Surge in Debut Earnings Report
Gemini's inaugural quarterly results as a public company revealed a paradox of growth and decline. Revenue more than doubled year-over-year to $50.6 million, fueled by institutional trading volumes soaring 45% to $16.4 billion. Yet shares cratered 11% to a record low of $15, continuing a 40% slide from September's $28 IPO price.
The crypto platform's widening net losses—$159.5 million versus $90.1 million a year prior—stemmed from IPO-related compensation and marketing blitzes. Meanwhile, its credit card business crossed 100,000 active accounts with $350 million in spending, while services revenue now comprises nearly 40% of total income.
Gemini's global ambitions remain undeterred. The firm secured Europe's MiCA license, launched Australian operations, and filed with the CFTC to offer prediction markets—all part of its 'super app' strategy. Platform assets grew 61% to $21.3 billion, with monthly users reaching 587,000.
