Gemini Crypto Exchange Q3 Revenue Jumps 52%, But Stock Plunges to All-Time Low

Gemini, the crypto exchange owned by twin brothers Cameron Winklevoss and Tyler Winklevoss, reported a 52% increase in Q3, 2025 revenue compared to the previous quarter. However, the stock of Gemini fell to a new all-time low following the release of the earnings report. The plunge was due to the net loss of $159.5 million, far exceeding the $50.6 million in revenue.

Gemini Attains 52% Revenue in Q3, 2025

The Q3 2025 was Gemini’s first quarter as a publicly traded company, and it witnessed tremendous growth through increased user participation. The transaction revenue exhibited a 26% surge, driven by a $16.4 billion rise in spot trading volumes. The services revenue spiked to an incredible 111%, achieved mainly by the strong performances of the staking and custody services.

In addition, the Gemini Credit Card surpassed 100,000 accounts and generated over $350 million in quarterly transaction volume. Also, Gemini expanded its ecosystem in August by introducing the Gemini Wallet, a self-custody smart wallet that provides advanced Web3 and Decentralized Finance solutions.

Gemini Admits $159.5 Million Loss in Q3 2025 Due to Stock

Despite the 52% revenue surge from the previous quarter, Gemini admitted a net loss of $159.5 million, primarily driven by the IPO-related costs, marketing costs, and staffing expenses. Also, the political activism of the Winklevoss twins in support of Donald Trump might have deterred the democrats from the ecosystem. Still, the surge in revenue and the partnership with Ripple will likely attract a huge number of users to the platform in the near future.

Why is Gemini (GEMI) Stock Down?

The GEMI stock was launched on Nasdaq on September 12th, with an initial IPO that sold 16.67 shares. Goldman Sachs and Citigroup investment banks acted as lead bookrunners for the IPO offering, and the launch price was $28 per share. Upon the launch, the stock witnessed overwhelming demand, reportedly resulting in a 20 times oversubscribed sale.

The stock exhibited a gradual decline in the following days because of the lack of new shareholders after the initial speculation-driven frenzy. The decline was further exacerbated when the third-quarter report was released. However, the recent developments in the ecosystem signal that Gemini has the potential to rise as one of the prominent crypto-based publicly traded companies.

About Gemini Space Station

Gemini Space Station is a U.S.-based cryptocurrency exchange and custodial platform. Founded in 2014 by Cameron Winklevoss and Tyler Winklevoss, Gemini facilitates low-fee crypto transactions, derivatives trading, staking services, institutional-grade custody, and additional blockchain-based services. In addition, the company has a U.S. dollar-backed stablecoin (Gemini Dollar, GUSD), a blockchain-based credit card that offers crypto rewards, and a studio for Non-Fungible Tokens (NFTs).