Gemini's first earnings report since its IPO showed a 52% surge in revenue, but its stock still fell to a record low.

Cryptocurrency exchange Gemini released its first quarterly earnings report since its September IPO. Revenue increased 52% quarter-over-quarter, driven by a rebound in trading and new products expanding revenue streams. In the third quarter, net income rose to nearly $50 million, fueled by over $26 million in trading fees and approximately $20 million in service revenue (including record credit card performance and expanded institutional staking business).