Gemini reportedly saw a 52% jump in quarterly revenue following a surge in trading activity and the introduction of new financial products. However, its shares have continued to fall.
- The Winklevoss twins-led Gemini reported a 52% quarterly surge in net revenue to $49.8 million in Q3 2025, driven by a rise trading activity and strong growth in its credit card and staking services.
- Despite seeing substantial revenue gains, the company’s $159.5 million quarterly loss have dampened investor confidence, resulting in a plunge in its stock price by 6.18% in after-hours trading.
According to the company’s letter to shareholders, the crypto exchange’s net revenue in the third quarter of 2025 reached about $49.8 million. Compared to the previous quarter, its net revenue has gone up by 52% quarterly and 104.4% from the previous year. Not only that, the company also recorded a rise in transaction revenue by 26% as trading activity increased from both retail and institutional clients.
This quarter was led by transaction revenue, as it represents the majority of revenue earned by the company.
The firm reportedly saw nearly $20 million from its services revenue, driven mostly by the introduction of Gemini’s new products such as its credit card, staking and custody related services. This number represents a 111% rise compared to the previous quarter.
Credit card revenue increased by $3.7 million in the third quarter, totaling to $8.5 million as the company’s crypto card gains momentum among traders. As many as 64,000 users registered for a card, indicating a large jump from just 17,000 in the previous quarter and an eight-fold increase from 8,000 back in 2024.
As a result, credit card balances reached about $150.6 million in Q3, soaring by 61% from the second quarter. Staking revenue also increased by $3.2 million to $5.9 million, as the exchange saw most of its revenue coming from Solana (SOL) staking.
Despite reporting major gains across trades and products, the company still admitted to suffering a net loss of $159.5 million. On a year-on-year basis, the company’s loss has continued to increase by 76.9%. This news seemed to dim investor confidence even more so than the reported rise in earnings.
According to data from Google Finance, the GEMI stock price has fallen by 6.18% in after hours trading. The stock is now trading hands at $15.80. Earlier today, the stock appeared to receive a 4% boost from the Q3 earnings report. Though, the momentum did not last as traders seemed to lose confidence after finding out about the loss incurred this quarter.
Can Gemini’s stock recover?
The Gemini stock has been facing notable volatility over the past week, with its price falling by 1.41% to $16.84 and dropping even lower to $15.80 in recent after-hours trading. This decline reflects a cautious approach from investors who are still watching the company’s near-term outlook closely.
The drop in Gemini’s stock price is not unique, considering other crypto-related firms like Strategy, MARA Holdings and Core Scientific have been falling by 1.26% to 4.46% within the past day. However, there are exceptions like Robinhood and Coinbase which are still going strong with stock prices rising by 4.23% and 2.84% respectively.
In GEMI’s case, technical indicators show that the price is weakening as investors remain cautious. This suggests that short-term momentum remains bearish until the company is able to reflect improved financial performance or other catalysts emerge. For now, the financial report from Q3 is not doing the stock any favors.
Though this does not mean a quick turn-around is not possible. The company’s diversification into crypto custody, staking, and payment solutions could help to stabilize revenue if the broader crypto market regains strength. In addition, an increase in trading volumes, favorable regulatory developments, or new institutional partnerships could act as catalysts to drive the price up.
