Gemini's Public Debut: Deep Loss, Rising Revenue
Update: 2025-11-11
Description
Gemini, a crypto exchange operator, reported a quarterly loss of $159.5 million, missing analysts estimates. The loss was due to IPO expenses, marketing spending, and stock-based compensation. Despite the loss, net revenue rose 52% from the previous quarter, driven by increased trading activity and strong contributions from staking, custody, and the credit card business. Trading volume reached $16.4 billion, its highest level in several years, and the credit card surpassed 100,000 open accounts with over $350 million in quarterly spending.
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