Gemini, the cryptocurrency exchange, reported a 52% increase in revenue in its first earnings release since its September IPO. The third-quarter results showed net income rising to nearly $50 million, driven by $26 million in trading fees and $20 million in service revenue. Trading volume surged 45% to $16.4 billion, with institutional trading up nearly 50%. Despite these gains, Gemini posted a net loss of $159.5 million due to IPO-related expenses. The company highlighted significant growth in its credit card and staking services, with credit card spending more than doubling to over $350 million and staking balances reaching $741 million. Service revenue now constitutes nearly 40% of total revenue. However, Gemini's stock fell over 11% in after-hours trading to a record low, as investors reacted to the widening losses and IPO costs.
Gemini Reports 52% Revenue Surge Post-IPO, Stock Hits Record Low
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