Gemini's Retail Trading Volume Falls to Three-Year Low

Cryptocurrency exchange Gemini recorded a decline in retail spot trading volume to $600 million in Q3 2026. This is 14% less than the previous quarter and the lowest figure since Q3 2023. Meanwhile, the platform's total turnover increased by 18% to $4.5 billion, according to the report published on November 12.

Growth in Institutional Deals Did Not Offset Annual Decline

The trading volume of institutional clients increased by 26% over the quarter to $3.9 billion. Gemini attributed the growth in total turnover to the activity of large participants in Zcash (ZEC) and the expansion of operations by an affiliated market maker. Client transactions with it amounted to about $1.2 billion, or 26% of spot turnover. However, compared to Q3 2025, the total turnover fell by 73% from $16.4 billion. The company did not separately disclose the reason for the decline in retail trader activity.

Exchange Revenue Rose for the Quarter but Fell for the Year

Gemini's revenue from exchange activities reached $13.4 million, up 7% from the previous quarter. On an annual basis, it decreased by 47%, and the company's total revenue fell by 19% to $40.9 million. The net loss was $58.6 million compared to $159.5 million a year earlier. Meanwhile, retail clients accounted for nearly three-quarters of exchange revenue despite the decline in turnover.

Gemini Expands Prediction Markets Direction

Revenue from event outcome contracts in Gemini Predictions grew by 52% for the quarter, approximately to $796,000. In October, the average number of active traders per day on this platform was about 50% higher than the average for the III quarter. In August, Gemini and Apex Fintech Solutions signed a non-binding agreement on the potential distribution of cryptocurrency event contracts among Apex's broker clients. The final terms of cooperation have not yet been agreed upon.