According to its November 12 earnings release, Gemini reported a 73% year-over-year collapse in third-quarter spot trading volume and a 19% revenue decline. Trading volume plunged to $4.5 billion from $16.4 billion a year earlier, while quarterly revenue fell to $40.9 million from $50.6 million. Exchange revenue specifically declined 47% year-over-year to $13.4 million, reflecting weaker retail cryptocurrency trading activity.

The company's net loss narrowed to $58.6 million from $159.5 million a year earlier, as operating expenses declined 30% to $119.9 million. Management attributed the reduction to lower compensation and marketing costs from ongoing restructuring efforts.

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