Gemini’s Q3 Loss Shrinks, but Crypto Marks Did Much of the Work

Gemini's third-quarter loss narrowed, but the improvement came largely from crypto mark-to-market gains rather than operations. Revenue fell 19% to $40.9 million, and trading volume, while up from Q2, remained 73% below a year earlier. Traders should read this as continued weak exchange fundamentals: the headline loss improvement is not evidence of a demand recovery.