Crypto Exchange Gemini Shrank in Q3. So Why Did Its Stock Rise?

Gemini Space Station (GEMI), parent of the Gemini crypto exchange, reported third-quarter revenue of $40.9 million on November 12. That was 19% lower than a year earlier, as spot trading volume fell 73%. Gemini stock still climbed 3.05% to $2.70 in after-hours trading on Thursday. The same report showed a smaller loss than analysts had forecast. Exchange Revenue Nearly Halved as Retail Traders Pulled Back Trading drove the revenue decline, while services revenue grew 7%. Exchange revenue fell 47% year over year to $13.4 million. The company tied the drop mainly to lower retail trading activity. Platform volume came to $4.5 billion, down from $16.4 billion a year earlier. Quarter over quarter, however, exchange revenue rose 7%, and spot volume rose 18%.

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