Gemini Stock Hits Low After First Post-IPO Earnings Report

Cameron Winklevoss also shared details about a plan to transform the exchange into a “crypto super app” and enter the prediction market sector. Meanwhile, Bitdeer’s stock also plunged by close to 20% as non-cash losses from debt revaluation overshadowed its 174% revenue growth and doubled Bitcoin production. The company also unveiled its move into AI and high-performance computing, joining a growing trend among Bitcoin miners looking to diversify revenue streams.

Gemini Faces Market Pressure

Gemini’s first earnings report as a public company was met with a sharp sell-off from investors, which sent its shares to an all-time low in after-hours trading. Despite more than doubling its quarterly revenue year-over-year, the crypto exchange’s growing losses and heavy costs related to its initial public offering weighed heavily on sentiment.

The company reported third-quarter revenue of $50.6 million, up from $24.5 million in the same period last year. However, Gemini posted a net loss of $159.5 million, widening from $90.1 million a year earlier. 

Much of the shortfall was attributed to increased expenses tied to compensation and advertising ahead of its September IPO. Shares of Gemini initially rose 4% during regular trading on Monday to close at $16.84, but quickly tumbled to a low of $14.75 after the bell, before ending the after-hours session down 6.2% at $15.80 — a record low. The stock has now fallen close to 40% since its debut at $28 per share.

Gemini’s share price over the past 24 hours (Source: Google Finance)

On the company’s earnings call, president and co-founder Cameron Winklevoss wanted to reassure investors about Gemini’s long-term vision, and shared more details about its focus on becoming a “crypto super app.” Winklevoss described a future where users could seamlessly manage tokenized dollars, equities, and commodities all within a single on-chain platform. “It’s an on-chain future,” he said, and called Gemini “an on-chain company” committed to building in this direction. Rather than seeking growth through acquisitions or partnerships, Winklevoss said the firm plans to develop its own ecosystem of products in-house.

He also revealed Gemini’s growing interest in prediction markets, which let users speculate on outcomes ranging from political events to sports. Calling them “a boundless opportunity,” Winklevoss compared their early-stage potential to Bitcoin in 2012. 

The company already filed with the Commodity Futures Trading Commission (CFTC) to become a designated contract market, which is a necessary step toward offering such products. Once government operations start up again, Winklevoss said Gemini plans to move forward with the application and bring prediction markets to users globally.

Bitdeer Stock Slides After Big Q3 Loss

Q3 also did not go to plan for Bitdeer Technologies. Shares of the Singapore-based Bitcoin miner tumbled by almost 20% on Monday after the company reported a sharp increase in quarterly losses, despite a surge in revenue and expanding operations.

Bitdeer Technologies share price over the past 24 hours (Source: Google Finance)

The firm disclosed a net loss of $266.7 million for the third quarter of 2025, compared to a $50.1 million loss in the same period a year earlier. The steep decline was mainly due to non-cash losses stemming from the revaluation of its convertible debt.

Revenue rose 174% year-over-year to $169.7 million, driven by strong growth in Bitdeer’s self-mining business. The company also reported some impressive operational improvements, with adjusted EBITDA climbing to $43 million, reversing a $7.9 million loss from a year earlier. 

Bitcoin production doubled during the quarter to 1,109 BTC. Overall, the miner ended the quarter holding 2,029 BTC, up sharply from 258 BTC last year, and increased its managed mining rigs to 241,000 from 165,000 over the same period.

Additionally, Bitdeer reported its first-ever revenue from high-performance computing and artificial intelligence cloud services, and generated $1.8 million in Q3. The company started redirecting some of its computing resources toward AI workloads, which started its entry into a sector that has become a new growth frontier for Bitcoin miners. Chief Business Officer Matt Kong said Bitdeer is “uniquely positioned to capitalize” on the rising demand for AI compute power and explained that allocating 200 megawatts of capacity to AI cloud services could generate an annualized revenue run rate of more than $2 billion by the end of 2026.

The company’s shift forms part of a broader trend among major Bitcoin miners that are turning to AI and high-performance computing to diversify revenues and stabilize against crypto market volatility. Firms like MARA Holdings, TeraWulf, and IREN have recently struck multi-billion-dollar deals to provide GPU cloud services, while HIVE and Core Scientific already repositioned their operations toward HPC infrastructure.