Gemini reported that retail trading volume fell 14% from the previous quarter to $600 million in the third quarter, its lowest level since the third quarter of 2023. Total spot volume rose 18% to $4.5 billion as institutional volume climbed 26% to $3.9 billion. Gemini attributed the overall increase partly to institutional Zcash activity and affiliated market-making, but gave no specific reason for the retail decline.
Exchange revenue rose 7% to $13.4 million as institutional revenue more than doubled, although retail traders still provided nearly three-quarters of exchange revenue. Revenue from Gemini Predictions rose 52% to $796,000, but did not offset declines elsewhere. Gemini is seeking to distribute event contracts through Apex Fintech Solutions under a nonbinding August agreement that remains subject to definitive agreements.
