UNCHAINED · 2026-11-13 11:16 UTC

Gemini's Q3 Loss Shrinks, but Crypto Marks Did Much of the Work

Gemini's Q3 net loss fell 63% to $58.6 million from $159.5 million a year earlier, while total revenue dropped 19% to $40.9 million. Trading volume reached $4.5 billion, down 73% year over year but up 18% from Q2, which Gemini credited to institutional Zcash trading and expanded affiliate market-making. Adjusted EBITDA loss narrowed to $11.6 million from $74.0 million in Q2, with crypto marks adding $25.7 million in Q3 after subtracting $25.0 million in Q2; the operating loss widened to $79.0 million from $76.9 million under standard accounting.

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