Gemini stock sinks to all-time low despite 52% revenue jump in first post-IPO earnings
Crypto exchange Gemini reported its first quarterly results since going public in September, posting a 52% jump in revenue from the prior quarter as trading activity rebounded and new products like its credit card and staking services broadened the company’s revenue base amid higher IPO-related expenses.Net revenue rose to nearly $50 million in the third quarter, driven by over $26 million in transaction fees and roughly $20 million from services, including record performance from the Gemini credit card and expanding institutional staking.The firm still booked a net loss of $159.5 million, equaling about $6.67 per share, largely due to stock-based compensation and marketing tied to its initial public offering in September, with adjusted EBITDA at negative $52.4 million.Trading volumes reached $16.4 billion, up 45% from the prior quarter, as institutional activity climbed nearly 50%.Gemini also launched a self-custody wallet and expanded its regulatory footprint, securing a MiCA license in Europe in August and debuting operations in Australia in early October.The Gemini credit card surpassed 100,000 open accounts and $350 million in spending, doubling quarter-over-quarter, while staking balances hit $741 million. Services revenue now accounts for nearly 40% of total income, compared with less than 30% a year earlier.Gemini said it repaid debt and opened a $150 million credit facility for its card receivables to improve capital efficiency following its IPO. The company forecast full-year services and interest revenue of $60 to $70 million, expecting continued growth from credit-card and staking products.Despite the stronger topline performance, shares of GEMI fell more than 11% in after-hours trading, dropping below $15 to a new all-time low as investors focused on widening losses and IPO-related costs.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.