Quick Breakdown
- Gemini’s first post-IPO earnings report showed rising revenue but a deeper net loss.
- The stock hit an all-time low in after-hours trading and is down around 40% since listing.
- The company is betting on a “super app” strategy and expansion into prediction markets.
Gemini shares slide after earnings release
Crypto exchange Gemini saw its stock drop to an all-time low in after-hours trading on Monday, following the release of its first quarterly results since its initial public offering in September. Despite reporting more substantial revenue for the third quarter, the company posted a significantly wider net loss tied to the costs of becoming a public company.
Our Q3 highlights are in.
Q3 2025 marked our first quarter as a publicly traded company.
The quarter represented a significant step forward as we scaled our ecosystem, expanded our reach, and advanced the mission that began more than a decade ago. pic.twitter.com/Vf1tjia0s3
— Gemini (@Gemini) November 10, 2025
Gemini recorded $50.6 million in revenue, more than double the $24.5 million reported in the previous year. However, its net loss expanded to $159.5 million from $90.1 million, driven largely by increased compensation and heavy marketing expenses ahead of its initial public offering.
The stock closed Monday’s regular session up 4% at $16.84, but plunged to $14.75 after the bell before recovering slightly to $15.80, marking a 6.2% decline. Gemini’s share price has now fallen roughly 40% from its $28 IPO price on September 12, mirroring a broader cooldown in the crypto market since early October.
Push toward a crypto “super app”
During the earnings call, Gemini President and Co-Founder Cameron Winklevoss informed investors that the company is focused on building a multi-service crypto “super app.” The vision, he said, is a platform where users can hold tokenized versions of currencies, equities, and digital commodities all in one place.
“Markets are going onchain,”
Winklevoss said.
“We want to bring everything together inside one app and build it ourselves rather than buy or partner.”
Eyeing the prediction market sector
Winklevoss also highlighted Gemini’s plans to expand into prediction markets, which enable users to trade on the outcomes of real-world events, ranging from elections to sports.
He compared the sector’s potential to the early days of Bitcoin adoption, describing it as “a boundless opportunity.”
Gemini has applied to the U.S. Commodity Futures Trading Commission to operate as a designated contract market. Progress on the application will resume once federal government operations normalize.
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