Gemini retail trading volume falls to $0.6B in Q3

Crypto exchange Gemini (Gemini Space Station) reported third-quarter 2026 results: retail trading volume was $0.6B, down 14% from the prior quarter and 67% from a year ago. The company filed the release with the SEC on Nov. 12.

Details

Institutional volume rose 26% quarter over quarter to $3.9B but is down 73% year over year. Total spot volume was $4.5B versus $16.4B a year earlier. ForkLog reports the retail figure is the lowest since Q3 2023.

Revenue was $40.9M (-19% YoY), of which exchange revenue was $13.4M (-47%) and services plus interest income $23.3M, about 59% of net revenue. Net loss narrowed to $58.6M from $159.5M, and operating expenses fell 30% to $119.9M. Assets on platform stand at $13.4B (from $21.3B a year ago), monthly transacting users at 577,000 (-2%), and cash at $194.1M.

CEO Tyler Winklevoss said: "Operating expenses declined for a third consecutive quarter, and as we invest in growth, we intend to stay disciplined about where those dollars go." Quarter highlights include an MCP server for AI platforms and a letter of intent with Apex Fintech Solutions on distributing event contracts.

What this means for the market

The report shows retail spot demand at one major US exchange remains weak, with services and interest income carrying revenue. It is a single venue's data; for the broader picture see the daily brief.