Gemini 公佈第三季度業績，交易量變化呈現二元分化：整體現貨交易總額達 45 億美元，環比增長 18%，但零售交易量卻暴跌 14% 至 6 億美元，創下 2023 年第三季度以來最低水準。
機構業務逆勢攀升 營收增長 7%
同期機構交易量逆勢增長 26% 至 39 億美元，成為推動整體交易量增長的主要動力。Gemini 將季度交易量增長歸因於「機構 Zcash 活動增加與附屬市場做市擴展」，但未公開說明零售交易量下滑的具體原因。
儘管零售交易疲軟，Gemini 本季交易所營收仍增長 7% 至 1,340 萬美元。機構營收實現翻倍成長，零售交易者仍貢獻交易所收入的近四分之三，保持其最大收入來源地位。
預測市場業務成為增長引擎
預測市場業務成為公司新的成長亮點。Gemini Predictions 第三季度營收環比增長 52% 至 79.6 萬美元，進入第四季度後增長勢頭更強。10 月日均交易者數量較第三季度平均水準高 50%，其中逾三分之一為平台新用戶。
Gemini 正積極拓展預測市場業務。公司於 8 月與 Apex Fintech Solutions 達成非約束性協議，擬透過 Apex 期貨經紀商將 Gemini Titan 事件合約作為獨家發行渠道提供予其客戶，相關協議仍待最終確認。
行業零售交易活動普遍放緩
Gemini 的零售交易量下滑並非孤例。Coinbase 報告稱零售及機構交易活動均有所回落，消費者現貨交易量環比下跌 9% 至 234 億美元。Robinhood 加密業務營收同比下跌 55% 至 1.2 億美元，但預測市場與事件合約營收激增至 1.73 億美元，同比增長超過 6 倍。
Further Reading
- Gemini's Trading Volume Plummets by 73%; Q3 Revenue Shrinks to $41 million
- Gemini Sells Its U.K. and European Operations to KAST for Less Than $10 Million
- Exodus's payment business generated $10.9 million in revenue, successfully offsetting the slowdown in its wallet business
Cover image: Thomas J. O'Halloran / Wikimedia Commons (public domain)
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