The crypto exchange’s stock plunged after posting a $159.5 million quarterly loss, but executives remain focused on building an all-in-one blockchain platform.
Shares of crypto exchange Gemini fell sharply on Monday after the company released its first quarterly earnings report since going public, revealing mounting losses linked to its initial public offering and marketing expansion.
Gemini reported $50.6 million in third-quarter revenue, more than double the $24.5 million recorded a year earlier. However, the firm’s net loss widened to $159.5 million, up from $90.1 million, as compensation and advertising costs weighed heavily on its debut quarter as a public company.
Shares in Gemini sharply dropped on the announcement of its Q3 results after-hours, but later recovered. : Google Finance
The stock, which trades under ticker GEMI, briefly rose 4% to $16.84 during regular hours but later slid over 6% in after-hours trading to close at an all-time low of $15.80. Gemini shares have now dropped nearly 40% since the company’s September IPO at $28 per share.
“We’re really excited about building toward the super app,” said Cameron Winklevoss, Gemini’s president and co-founder. “It’s an onchain future. We’re an onchain company, and this is our wheelhouse.”
Gemini’s “Super App” Vision
Despite the steep decline, Gemini’s leadership remains optimistic about its long-term roadmap. The company is developing a unified “super app” that will integrate crypto trading, tokenized assets, and decentralized finance tools within a single platform.
“Pretty soon, you will be able to hold a tokenized dollar, tokenized equity, and digital commodities — all within one app,” Winklevoss explained during the company’s earnings call. “We’re making very good progress there.”
Cameron Winklevoss speaks onstage during a TechCrunch conference in 2015. : TechCrunch
The exchange’s strategy contrasts with peers that are pursuing acquisitions or partnerships to expand their offerings. Instead, Gemini plans to build its ecosystem from the ground up, positioning itself as a one-stop platform for the next phase of blockchain adoption.
Prediction Markets and Regulatory Moves
Gemini is also preparing to launch prediction markets, allowing users to trade on outcomes of global events such as elections or sports results.
“This idea that you can build a market on anything — any kind of event — is fascinating and really a boundless opportunity,” Winklevoss said. “It reminds us a lot of what Bitcoin felt like in 2012 when we first discovered it.”
The company has filed an application with the Commodity Futures Trading Commission (CFTC) to become a designated contract market, enabling regulated trading of prediction products once U.S. government operations resume.
While short-term losses and share volatility have rattled investors, analysts note that Gemini’s “super app” push reflects a broader industry shift toward tokenized assets and integrated blockchain platforms. Whether this bold bet can restore investor confidence will depend on the exchange’s ability to convert innovation into sustainable growth.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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