Gemini reports 107.7 million net loss, shares drop over 7%

Gemini shares fell more than 7% in after-hours trading following a reported net loss of 107.7 million dollars for Q2, despite a 37% increase in revenue. Total revenue reached 45.5 million dollars, up from 33.3 million dollars a year earlier, with the net loss narrowing 19% from 133.2 million dollars in the same period last year. CEO Tyler Winklevoss stated that the results reflect efforts to reduce operating expenses and diversify revenue. Credit card revenue surged 231% to 16.2 million dollars, while staking revenue rose 50% to 4 million dollars. However, exchange revenue dropped 38% to 12.5 million dollars, with total trading volume decreasing to 3.8 billion dollars from 11.3 billion dollars a year prior. The prediction market generated 500,000 dollars in revenue, with event contracts traded increasing 93% quarter over quarter. Gemini activated its derivatives clearinghouse earlier this month, allowing it to clear and settle its own prediction market contracts. Monthly transacting users increased 11% year over year, but assets on the platform fell to 8.4 billion dollars from 18.2 billion dollars, as major assets like bitcoin lost 50% of their value. Shares of Gemini Space Station (GEMI) are trading near all-time lows of below 4 dollars.