Gemini shares plunged to a record low after reporting a $159.5 million loss in the third quarter, even as Cameron Winklevoss revealed the company’s numbers.ision to build a crypto ‘super app’.
The company’s first income report since its initial public offering in September, third-quarter revenues more than doubled to $50.6 million from a year earlier, but heavy stock market-related costs have wiped out gains.
As a result, Gemini reported a net loss of $159.5 million, compared to $90.1 million a year ago. That sent shares plunging nearly 10% in premarket trading, marking a 47% decline since its Nasdaq debut.
Our third quarter highlights are in.
The third quarter of 2025 marked our first quarter as a publicly traded company.
This quarter represented a significant step forward as we scaled our ecosystem, expanded our reach, and continued the mission that began more than a decade ago. pic.twitter.com/Vf1tjia0s3
— Gemini (@Gemini) November 10, 2025
Gemini will make Crypto “Super App”.
Gemini’s slumping stock price and profits come as the company unveiled plans to create a crypto ‘super app’.
“We are very excited about building the super app,” said president and co-founder Winklevoss, adding that Gemini aims to let users hold tokenized dollars, stocks and digital commodities “all within one app.”
“Our vision is for the markets to all go on-chain,” he said. “Soon you’ll be able to hold a tokenized dollar through stablecoin, tokenized equity and digital commodities, all within one app,”
Winklevoss said Gemini plans to make its own products, rather than using solutions developed by third parties. He also said he was “very excited” about the exchange adding prediction markets to its platform.
Other tech companies are moving to create an Everything app
By creating a single platform that offers a range of services to the crypto retail and institutional markets, Gemini will generate more fee revenue. But it will likely face stiff competition from rivals.
One of them is Coinbase, also a major crypto exchange in the US. Under the leadership of 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 according to the DeFi aggregator, the network has a TVL of over $4.9 billion.
Top 10 TVL chains (Source: DefiLlama)
That TVL ranks it as the sixth largest chain overall, ahead of blockchains like Avalanche, Polygon and Hyperliquid.
Meanwhile, social media platform X has also indicated that it plans to create an everything app. While not necessarily a crypto-native platform or company, there is speculation that X will add a crypto payment option.
X also recently announced that Polymarket will become its official prediction market partner.
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