Gemini Q3: trading volume down 73% in a year, retail at a three-year low
Crypto exchange Gemini's third-quarter revenue fell 19% year on year to $40.9 million. Trading volume shrank from $16.4 billion to $4.5 billion, and retail trading hit its lowest level since 2023.
Evento: 12 de noviembre de 2026
Fuente primaria: 12 de noviembre de 2026
Publicado aquí: 13 de noviembre de 2026 a las 04:56 UTC
Leer: 2 min
Qué pasó
On November 12 Gemini reported July to September results: revenue of $40.9 million (down 19% a year), trading volume of $4.5 billion versus $16.4 billion a year earlier, and a net loss of $58.6 million versus $159.5 million. Per Cointelegraph, retail volume fell 14% in the quarter to $600 million, a three-year low.
Por qué te importa
The report shows how much everyday interest in crypto has cooled. Exchanges increasingly make money not from trading but from cards, interest and prediction markets.
Qué revisar y vigilar
The earnings call is on November 13 at 13:30 UTC (8:30 a.m. New York). Listen for what the company says about Q4 and prediction markets.
Dónde está pasando
LIVEArrastra para girar. Puntos verdes: la bolsa está operando ahora mismo (horario normal, sin contar festivos). Sombra: donde ahora es de noche. Fronteras: Natural Earth, terremotos: USGS. Idea de las capas: God’s Eye View (MIT).
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.
Hechos confirmados
- 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]
Implicaciones
- ConfirmadoRetail trading on Gemini is falling, and the quarterly volume gain came from institutions and its own market maker.
- Nuestra lecturaWeak retail at Gemini matches other exchanges such as Coinbase, where consumer volume also fell. This is our inference from Cointelegraph data.
- Nuestra lecturaIf retail does not come back, exchanges will lean more on cards, interest and prediction markets. This is our inference.
Todavía no se sabe
- 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.
A quién afecta
United States, Global. Gemini users, GEMI shareholders and anyone tracking crypto exchanges
Fuentes
- Gemini: Gemini Reports Third Quarter 2026 Results 12 de noviembre de 2026 · oficial
- Cointelegraph: Gemini's quarterly retail trading volume sinks to 3-year low 13 de noviembre de 2026 · medios
Portada: Gráfico de Freekonomist, una imagen simbólica, no una foto del evento. Esta es una explicación de noticias, no asesoramiento financiero.
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