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first_img Gemini's revenue in the third quarter fell to 40.9 million USD, with trading volume decreasing by 73% year-on-year

Cryptocurrency exchange Gemini announced its third-quarter financial report, with total revenue for the quarter at $40.9 million, a year-over-year decrease of 19% and a quarter-over-quarter decrease of 10%, compared to $50.6 million in the same period last year. The net loss narrowed to $58.6 million, down from nearly $160 million in the same period last year and $107.7 million in the second quarter. After the financial report was released, Gemini Space Station Inc. (GEMI) saw its stock price rise 6.5% in after-hours trading to $2.79, but the cumulative decline for the year remains around 75%.The trading business is under significant pressure. Affected by the drop in trading volume from $16.4 billion in the same period last year to $4.5 billion, exchange business revenue fell 47% to $13.4 million, although trading volume increased by 18% quarter-over-quarter. Revenue from credit card operations decreased by 4% quarter-over-quarter to $15.5 million, while platform assets grew from $8.4 billion in the second quarter to $13.4 billion. Operating expenses decreased by 30% year-over-year to approximately $120 million. CEO Tyler Winklevoss stated that operating expenses have decreased for the third consecutive quarter, maintaining spending discipline while investing in growth.Forecasting market operations became a highlight, contributing $800,000 in revenue for the quarter, a quarter-over-quarter increase of 52%. The company is pushing to open its exchange and clearinghouse to brokers wishing to offer event contracts and signed a letter of intent with Apex Fintech Solutions in August to provide cryptocurrency event contracts, although this deal has not yet been finalized. President Cameron Winklevoss stated that Gemini 2 bets on platforms that can sustain themselves long-term will control the underlying regulated infrastructure.
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