Gemini Hits Record Low After $160M Loss, Despite Super App Plan

Gemini shares plunged to a record low after reporting a $159.5 million third-quarter loss, even as Cameron Winklevoss unveiled the company’s vision to build a crypto “super app.” 

The firm’s first earnings report since going public in September showed revenue more than doubled to $50.6 million in the third quarter from a year earlier, but heavy listing-related expenses erased the gains.

As a result, Gemini reported a net loss of $159.5 million, up from $90.1 million a year ago. That sent its shares tumbling almost 10% in pre-market trading, extending a 47% slide since its Nasdaq debut.

Our Q3 highlights are in.

Q3 2025 marked our first quarter as a publicly traded company.

The quarter represented a significant step forward as we scaled our ecosystem, expanded our reach, and advanced the mission that began more than a decade ago. pic.twitter.com/Vf1tjia0s3

— Gemini (@Gemini) November 10, 2025

Gemini To Create Crypto “Super App”

Gemini’s tumbling share price and profits come as the company unveiled plans to create a crypto “super app.” 

“We’re really excited about building toward the super app,” president and co-founder Winklevoss said, adding that Gemini aims to let users hold tokenized dollars, equities, and digital commodities “all within one app.”

“Our view is that markets are all going onchain,” he said. ”Pretty soon, you will be able to hold a tokenized dollar via stablecoin, tokenized equity, and digital commodities, all within one app,”

Winklevoss said Gemini plans to create its own products, as opposed to using solutions developed by third parties. He also said that he was “very excited” about the exchange adding prediction markets to its platform. 

Other Tech Firms Move To Create Everything App

By creating a single platform that offers a range of services to the crypto retail and institutional markets, Gemini stands to generate more revenues from fees. But it’s likely to face stiff competition from rivals.

One of those is Coinbase, which is also a major crypto exchange in the US. Led by CEO Brian Armstrong, Coinbase recently rebranded its product as the Base App, which is also described as an “everything app.” 

Coinbase also has its own layer-2 network called Base, which has become a popular network for token and decentralized app developers.

Data from DefiLlama shows that Base is ranked as one of the top chains by Total Value Locked (TVL). According to the DeFi aggregator, the network has a TVL of over $4.9 billion.

Top 10 chains by TVL (Source: DefiLlama)

That TVL ranks it as the sixth-biggest chain overall, ahead of blockchains like Avalanche, Polygon, and Hyperliquid.

Meanwhile, social media platform X has also signalled its intention to create an everything app. While not necessarily a crypto-native platform or company, there has been speculation that X will add a crypto payments option. 

X also recently announced that Polymarket will become its official prediction market partner. 

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