
Retail spot volume fell 14% to $600 million while institutional volume rose 26% to $3.9 billion
AI-generated summary
Gemini reported its Q3 earnings results showing a divergence between institutional and retail trading activity. Total spot trading volume rose 18% to $4.5 billion, driven by institutional volume up 26% to $3.9 billion, while retail volume fell 14% to $600 million, its lowest since Q3 2023. Exchange revenue increased 7% to $13.4 million as institutional revenue more than doubled, though retail traders remained the largest source contributing nearly three-quarters of total exchange revenue.
Crypto exchange Gemini has just reported its lowest quarterly retail trading volume in three years, despite an increase in overall crypto trading volume.
Total spot trading volume rose 18% from the second quarter to $4.5 billion, according to Gemini’s Q3 earnings report. Institutional volume climbed 26% to $3.9 billion, while retail volume fell 14% to $600 million, its lowest level since the third quarter of 2023.
Gemini said the quarterly increase in spot trading volume was “supported by increased institutional Zcash activity and expanded affiliated market-making,” but did not give a specific reason for the decline in retail trading.
Despite the retail slump, Gemini’s exchange revenue increased 7% from the previous quarter to $13.4 million as institutional revenue more than doubled. Retail traders remained its largest source of exchange revenue, contributing nearly three-quarters of the total.
Crypto exchanges turn to prediction markets for growth
A number of crypto exchanges also reported softer crypto trading activity in the most recent quarter.
Coinbase reported softer retail and institutional activity, with consumer spot trading volume falling 9% from the previous quarter to $23.4 billion. Coinbase chief financial officer Alesia Haas said “continued growth in prediction markets helped offset softer crypto trading activity.”
At Robinhood, crypto revenue fell 55% year-on-year to $120 million, offset by a sixfold increase in event-contract revenue to $173 million.
Related: Strategy stock sheds 5% amid MSCI index removal, Bitcoin sell-off
Gemini also got some help from its own prediction exchange, Gemini Predictions, with revenue from that business unit increasing 52% quarter-on-quarter to $796,000, though it wasn’t significant enough to offset declines elsewhere.
Gemini looks to expand prediction markets
Gemini reported stronger prediction-market activity heading into the fourth quarter, with average daily traders in October running about 50% above the third-quarter average.
Nearly a third of new prediction traders were new to Gemini, more than double the proportion in Q3.
The company is also seeking to distribute its event contracts through other platforms. An August nonbinding agreement with Apex Fintech Solutions would make Gemini Titan the exclusive venue for crypto event contracts distributed through Apex’s futures brokerage to its brokerage customers, subject to definitive agreements.
Gemini is set to host a Q3 earnings call on Friday.
AI outlook — possibilities, not facts
Gemini will continue expanding prediction markets and event contracts through platform partnerships
Likely · Within months
Gemini will host its Q3 earnings call on Friday
Very likely · Within days

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