Gemini Q3: trading volume down 73% in a year, retail at a three-year low

The main numbers. Revenue was $40.9 million, down 19% from a year ago and 10% from Q2. Exchange revenue fell 47% year on year to $13.4 million, mostly because retail trading dropped. Operating expenses fell 30% to $119.9 million. Net loss narrowed 63% to $58.6 million.

Who is trading. Total volume was $4.5 billion, up 18% from Q2 but down 73% from a year ago. Gemini credits the quarterly rise to institutional Zcash trading and its own market-making arm: about $1.2 billion, or 26% of spot volume, was trades between customers and that market maker. Per Cointelegraph, institutional volume rose 26% to $3.9 billion while retail fell 14% to $600 million.

What keeps it going. Services and interest brought in $23.3 million, 59% of net revenue. Revenue from the Gemini credit card rose 82% year on year to $15.5 million. Prediction markets brought $0.8 million, up 52% from the previous quarter. Monthly transacting users were 577,000, down 2% from a year ago.

Cash. Gemini held $194.1 million in cash and equivalents, down from $252.2 million at the end of 2025. Assets on the platform rose from $8.4 billion to $13.4 billion over the quarter, but stood at $21.3 billion a year ago.

Confirmed facts

• Gemini's Q3 2026 revenue was $40.9 million, down 19% year on year and 10% quarter on quarter.^[1]
• Trading volume was $4.5 billion, versus $16.4 billion a year ago and $3.8 billion in Q2.^[1]
• Exchange revenue fell 47% year on year to $13.4 million, mainly due to lower retail trading.^[1]
• About $1.2 billion, or 26% of spot volume, was trades between customers and Gemini's market maker.^[1]
• Retail volume fell 14% in the quarter to $600 million, the lowest since Q3 2023; institutional volume rose 26% to $3.9 billion.^[2]
• Net loss was $58.6 million versus $159.5 million a year ago; operating expenses were $119.9 million, down 30%.^[1]
• Credit card revenue was $15.5 million, up 82% a year; prediction markets revenue was $0.8 million, up 52% in a quarter.^[1]
• Cash and equivalents were $194.1 million versus $252.2 million at the end of 2025.^[1]

Implications

• ConfirmedRetail trading on Gemini is falling, and the quarterly volume gain came from institutions and its own market maker.
• Our readingWeak retail at Gemini matches other exchanges such as Coinbase, where consumer volume also fell. This is our inference from Cointelegraph data.
• Our readingIf retail does not come back, exchanges will lean more on cards, interest and prediction markets. This is our inference.

Still unknown

• Why exactly retail trading fell: the company gave no reason.
• How GEMI shares react after the earnings call.
• Whether a final deal with Apex Fintech on prediction markets gets signed.

Who it affects

United States, Global. Gemini users, GEMI shareholders and anyone tracking crypto exchanges

Sources

1. Gemini: Gemini Reports Third Quarter 2026 Results November 12, 2026 · official
2. Cointelegraph: Gemini's quarterly retail trading volume sinks to 3-year low November 13, 2026 · media