Gemini’s $40.9 Million Revenue Highlights a Shift Beyond Exchange Fees
What happened: Gemini reported third-quarter revenue of $40.
What happened: Gemini reported third-quarter revenue of $40.9 million, down 19% from $50.6 million a year earlier and approximately 10% from the preceding quarter. Trading volume reached $4.5 billion, down 73% year over year but up 18% sequentially, while its net loss narrowed to $58.6 million from $159.5 million a year earlier and $107.7 million in the second quarter. Exchange revenue fell 47% year over year to $13.4 million, below credit-card revenue of $15.5 million; prediction-market revenue reached $800,000, increasing 52% sequentially.
Why it matters: Credit-card revenue exceeding exchange revenue provides a concrete sign that Gemini’s business mix extends beyond trading fees, but the narrower loss does not by itself demonstrate sustainable operating profitability. Unchained’s analysis said gains from marking crypto holdings contributed materially to the improvement, making the composition of earnings as relevant as the headline loss reduction. Gemini also disclosed a letter of intent with Apex Fintech Solutions for prediction-market distribution; because the arrangement was not finalized, it should be evaluated as a prospective distribution opportunity rather than booked revenue or a completed commercial rollout.