Shares of crypto exchange Gemini fell to an all-time low after the company reported a wider-than-expected third-quarter loss following its September IPO. The firm posted revenue of $50.6 million, more than doubling year over year, but recorded a net loss of $159.5 million, largely due to compensation and marketing costs tied to going public.
The stock dropped more than 6% in after-hours trading to $15.80, extending a roughly 40% decline since its debut at $28 per share. Despite the loss, Gemini co-founder Cameron Winklevoss said the company remains focused on building a crypto “super app” that integrates trading, payments, tokenized assets, and prediction markets within one platform.
Winklevoss described prediction markets as a major growth opportunity, comparing their current stage to Bitcoin in 2012. Gemini has applied with U.S. regulators to operate as a designated contract market and plans to expand onchain products once approval is granted.