Gemini now 40% below IPO price as Q3 loss widens

The loss widened from $90.1 million a year earlier, driven largely by compensation and advertising expenses tied to its initial public offering. Revenue more than doubled from the prior‑year quarter, the company reported.

The stock finished the regular session up 4% at $16.84 before sliding to $14.75 after the bell and settling at $15.80. Shares are down about 40% from the $28 offering price on Sept. 12.

On the earnings call, President and co-founder Cameron Winklevoss outlined plans to build a single application that combines multiple on-chain products. “We’re really excited about building toward the super app,” he told analysts. “It’s an on-chain future. We’re an on-chain company, and this is our wheelhouse.”

Winklevoss described a roadmap where users could hold a tokenized dollar via stablecoin, tokenized equity and digital commodities within one app. “We’re making very good progress there,” he noted, adding that Gemini intends to develop its own products rather than rely on partnerships or acquisitions.

He also pointed to plans for prediction markets that let users trade on outcomes of events such as sports and politics. “This idea that you can essentially build a market on anything, any kind of event, is fascinating,” he remarked. Gemini has filed to become a Designated Contract Market (DCM) with the Commodity Futures Trading Commission to list prediction markets. “Once the government opens back up, we hope to continue pursuing that application and hopefully bring these products to market soon thereafter,” Winklevoss said.

As GNCrypto reported on Sept. 10, 2025, Gemini upsized its U.S. IPO to about $433 million by raising the price range to $24–$26 per share. The company plans to list on Nasdaq under the ticker GEMI at a valuation slightly above $3 billion. Gemini will offer roughly 16.67 million shares and arranged a $50 million private placement. Goldman Sachs and Citigroup are lead underwriters.