Gemini’s Q3 report shows retail spot volume fell 14% to $600 million, the lowest since Q3 2023, while institutional volume rose 26% and overall revenue grew.
Gemini’s third‑quarter earnings released on November 13, 2026 reveal that retail trading activity on the exchange has slipped to its lowest point in three years, even as overall spot trading volume and institutional participation rose sharply.
According to the earnings report, retail spot volume fell 14% from the previous quarter to $600 million, marking the smallest quarterly retail figure since the third quarter of 2023. The decline occurred despite an 18% increase in total spot volume, which reached $4.5 billion.
Institutional spot volume surged 26% to $3.9 billion, a boost Gemini attributes to heightened Zcash activity and expanded market‑making partnerships. Institutional revenue more than doubled, helping overall exchange revenue climb 7% quarter‑on‑quarter to $13.4 million. Retail traders still accounted for roughly three‑quarters of exchange revenue.
Gemini’s prediction‑market arm, Gemini Predictions, posted a 52% rise in revenue to $796 000, though the amount remains modest relative to the broader business. Average daily traders on the platform were about 50% higher in October than in Q3, and nearly a third of new prediction traders were first‑time Gemini users, more than double the Q3 proportion. An August non‑binding agreement with Apex Fintech Solutions could make Gemini Titan the exclusive venue for crypto event contracts distributed through Apex’s brokerage.
Analysts will monitor whether Gemini can sustain institutional momentum and translate growing prediction‑market participation into a larger share of total revenue. The upcoming Q3 earnings call on Friday may provide further insight into the firm’s strategy to offset retail weakness and expand its event‑contract distribution network.
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