Gemini Shares Plunge 40% Since IPO After $159M Q3 Loss — What’s Next?

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• Gemini’s Q3 loss widened to $159.5M despite doubling revenue.
  
• Cameron Winklevoss revealed plans for a crypto “super app.”
  
• Gemini eyes prediction markets as its next major growth frontier.

Gemini’s first earnings report as a public company rattled investors on Monday. The crypto exchange’s stock (GEMI) plunged to an all-time low in after-hours trading, following a disappointing third-quarter result that revealed widening losses despite impressive revenue growth.

The company reported $50.6 million in Q3 revenue, more than double the $24.5 million recorded a year earlier. However, net losses surged to $159.5 million, up from $90.1 million, driven mainly by costs tied to its September IPO, including compensation and marketing expenses.

Gemini shares, which debuted at $28 in mid-September, have fallen roughly 40% since listing. On Monday, the stock closed up 4% at $16.84 but sank 6.2% after the bell to $15.80, marking a new low.

Winklevoss: Gemini Building Toward a Crypto “Super App”

Despite the rocky debut, Gemini’s co-founder and president Cameron Winklevoss told investors that the company remains focused on building a crypto “super app” designed to unify tokenized assets under one ecosystem.

“It’s an onchain future,” Winklevoss said. “Pretty soon, you’ll be able to hold a tokenized dollar, tokenized equity, and digital commodities — all within one app.”

He emphasized Gemini’s goal to develop its own products rather than rely on acquisitions or partnerships, reflecting the firm’s long-term bet on blockchain integration and decentralized infrastructure.

Entering Prediction Markets: “Like Bitcoin in 2012”

Winklevoss also revealed Gemini’s plans to enter the prediction market sector, where users can wager on outcomes of real-world events. The exchange has filed with the Commodity Futures Trading Commission (CFTC) to operate as a designated contract market.

Also Read: Gemini Launches Solana Credit Card with Auto-Staking and Up to 10% SOL Rewards

Calling it a “boundless opportunity,” Winklevoss compared the early-stage potential of prediction markets to Bitcoin’s infancy in 2012. “We’re working to bring those live globally,” he said.

Bold Vision Meets Market Skepticism

Gemini’s losses underscore the challenges of going public amid a sluggish crypto market. Yet, its “super app” vision and push into new frontiers like prediction markets show the Winklevoss brothers are still playing the long game — betting that onchain innovation will eventually win over Wall Street.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.