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

Gemini Space Station , the Nasdaq-listed crypto exchange founded by Cameron and Tyler Winklevoss, cut its third-quarter net loss by 63% to $58.6 million from $159.5 million a year earlier, as spending fell faster than its revenue. Total revenue dropped 19% to $40.9 million from $50.6 million, the company reported in an SEC filing on Thursday alongside its earnings release . The loss came to $0.46 a share, against $6.67 in the same quarter of 2025. Trading on the platform came to $4.5 billion , a 73% drop from $16.4 billion a year ago but an 18% rise from $3.8 billion in the second quarter. Gemini credited the quarterly gain to more institutional trading in Zcash and to expanded market-making by an affiliate.

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