PANews reported on November 11th that cryptocurrency exchange Gemini released its first quarterly earnings report since its September IPO. Revenue increased 52% quarter-over-quarter, driven by a rebound in trading and new product offerings. In the third quarter, net income rose to nearly $50 million, boosted by over $26 million in trading fees and approximately $20 million in service revenue (including record-breaking credit card performance and expanded institutional staking business). However, the company still recorded a net loss of $159.5 million, primarily due to IPO-related stock compensation and marketing expenses, with adjusted EBITDA at -$52.4 million. Trading volume reached $16.4 billion, a 45% increase quarter-over-quarter, with institutional trading increasing by nearly 50%. Gemini credit card accounts exceeded 100,000, with spending exceeding $350 million, more than doubling quarter-over-quarter, and staking balance reaching $741 million. Currently, service revenue accounts for nearly 40% of total revenue, compared to less than 30% a year ago.

Gemini stated that following its IPO, the company repaid debt and opened a $150 million credit line for its credit card receivables to improve capital efficiency. The company expects full-year service and interest income to reach $60 million to $70 million, and anticipates continued growth in credit card and secured products. Despite the strong performance, Gemini's stock price fell more than 11% in after-hours trading, dropping below $15 to a record low, as investors focused on widening losses and IPO-related costs.