Trading volume down 73% year-over-year... Gemini's Q3 revenue fell 19%

Gemini reported third-quarter total revenue of $40.9 million, down 19% year-over-year from $50.6 million, as platform trading volume fell 73% to $4.5 billion from $16.4 billion a year earlier. The exchange’s net loss narrowed 63% to $58.6 million from $159.5 million, while exchange revenue dropped 47%. The results extend a second-quarter pattern in which total revenue rose 37% year-over-year but exchange revenue fell 38%, and they mark a quarter in which total revenue also declined. The contraction puts pressure on Gemini’s exchange business even as losses improve, and the next focus is whether trading activity and exchange revenue stabilize in the fourth quarter.