#StrategyBTCPurchase Gemini crypto exchange Q3 revenue soars 52%, but why are shares still falling?
Gemini reportedly saw a 52% jump in quarterly revenue following a surge in trading activity and the introduction of new financial products. However, its shares have continued to fall.
Summary
The Winklevoss twins-led Gemini reported a 52% quarterly surge in net revenue to $49.8 million in Q3 2025, driven by a rise trading activity and strong growth in its credit card and staking services.
Despite seeing substantial revenue gains, the company’s $159.5 million quarterly loss have dampened investor confidence, resulting in a plunge in its stock price by 6.18% in after-hours trading.
According to the company’s letter to shareholders, the crypto exchange’s net revenue in the third quarter of 2025 reached about $49.8 million. Compared to the previous quarter, its net revenue has gone up by 52% quarterly and 104.4% from the previous year. Not only that, the company also recorded a rise in transaction revenue by 26% as trading activity increased from both retail and institutional clients.
This quarter was led by transaction revenue, as it represents the majority of revenue earned by the company.
The firm reportedly saw nearly $20 million from its services revenue, driven mostly by the introduction of Gemini’s new products such as its credit card, staking and custody related services. This number represents a 111% rise compared to the previous quarter.
Credit card revenue increased by $3.7 million in the third quarter, totaling to $8.5 million as the company’s crypto card gains momentum among traders. As many as 64,000 users registered for a card, indicating a large jump from just 17,000 in the previous quarter and an eight-fold increase from 8,000 back in 2024.
As a result, credit card balances reached about $150.6 million in Q3, soaring by 61% from the second quarter. Staking revenue also increased by $3.2 million to $5.9 million, as the exchange saw most of its revenue coming from Solana Solana
-3.16%
Solana staking.
