Gemini reported a sharp contraction in third-quarter trading activity, with total revenue of $40.9 million, down 19% year over year from $50.6 million and 10% from the second quarter. Exchange revenue dropped 47% to $13.4 million as spot trading volume fell 73% to $4.5 billion from $16.4 billion in the prior-year quarter, when the 2025 crypto bull market was near its peak. Despite the decline, trading volume rose 18% compared with Q2, and assets on the platform climbed to $13.4 billion from $8.4 billion.
Gemini narrowed its net loss to $58.6 million from nearly $160 million a year earlier and $107.7 million in Q2. Operating expenses fell 30% year over year to about $119.9 million, marking a third consecutive quarterly decline. Adjusted EBITDA improved to a loss of $11.6 million from a $74.0 million loss in the prior quarter. The company recorded a $9.2 million provision for credit-card-related losses, while its credit card revenue slipped 4% quarter over quarter to $15.5 million. Chairman and CEO Tyler Winklevoss said the company intends to remain disciplined about spending as it invests in growth.
Gemini also reported that its prediction market segment generated $800,000 in revenue, up 52% quarter over quarter. It signed a non-binding letter of intent with Apex Fintech Solutions in August to offer crypto event contracts through Apex, though the deal has not been finalized. President Cameron Winklevoss framed the strategy as “Gemini 2.0,” betting that platforms owning regulated infrastructure will last.
Robinhood, by comparison, showed resilience through diversification. The company attracted $15.1 billion in net deposits during October, more than double September’s $6.1 billion. Equity trading volume reached $325 billion, up 2% year over year, options contracts rose 8% to 289 million, and margin balances climbed 39% to $22.9 billion. However, Robinhood’s cryptocurrency trading volume fell 48% year over year to $17.0 billion, with the acquired Bitstamp exchange contributing $10.2 billion and the original consumer app accounting for $6.8 billion. Robinhood also reported 5.9 billion event contracts traded in October, up 136% from a year earlier.
Gemini’s quarterly volume included approximately $1.2 billion in transactions between external customers and its affiliated market maker, representing nearly 27% of quarterly spot turnover. Monthly transacting users stood at 577,000. Trading activity improved modestly from the second quarter, partly supported by institutional demand for Zcash, but not enough to restore the previous year’s revenue base.
