Gemini Q3 revenue falls to $41M as trading volume drops 73%

The market's positive after-hours reaction to a sharp revenue and volume contraction suggests expectations were already priced for worse, a dynamic worth noting as crypto exchanges face a thinner trading environment. The divergence between the quarterly print and the stock's deep year-to-date decline highlights how sentiment around exchange economics has shifted. Whether trading volumes stabilize across the sector, and how Gemini's revenue mix evolves against that backdrop, is the open question.