Gemini hits record high after $160 million loss, despite Super App plan

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 v.sion to create a cryptography “super application”.

The company’s first earnings report since its IPO in September showed revenue more than doubled to $50.6 million in the third quarter from a year earlier, but heavy listing expenses erased the gains.

As a result, Gemini reported a net loss of $159.5 million, compared to $90.1 million a year ago. That sent its shares down nearly 10% in premarket trading, extending a 47% decline since its Nasdaq debut.

Our third quarter highlights are here.

The third quarter of 2025 marked our first quarter as a publicly traded company.

This quarter represented significant progress as we grew our ecosystem, expanded our reach, and advanced the mission that began more than a decade ago. pic.twitter.com/Vf1tjia0s3

– Gemini (@Gémeaux) November 10, 2025

Gemini to create crypto “super app”

The fall in Gemini’s stock price and profits comes as the company revealed plans to create a crypto “super app.”

“We’re really excited to build this super app,” said president and co-founder Winklevoss, adding that Gemini aims to allow users to hold tokenized dollars, stocks and digital products “all in one app.”

“Our view is that markets all move on-chain,” he said. “Very soon you will be able to hold a tokenized dollar via stablecoin, tokenized stocks and digital commodities, all in one app.”

Winklevoss said Gemini plans to create 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 decide to create an Everything app

By creating a single platform offering a range of services to the retail and institutional crypto markets, Gemini is expected to generate more revenue through fees. But it risks facing strong competition from its competitors.

One of them is Coinbase, which is also a major crypto exchange in the United States. Led by CEO Brian Armstrong, Coinbase recently rebranded its product Base App, which is also described as an “app for everything.”

Coinbase also has its own layer 2 network called Base, which has become a popular network for developers of tokens and decentralized applications.

Data from DefiLlama shows that Base is ranked among the top channels by Total Value Locked (TVL). According to According to the DeFi aggregator, the network has a TVL of over $4.9 billion.

Top 10 channels by TVL (Source: ChallengeLlama)

This TVL ranks it as the sixth largest chain overall, ahead of blockchains like Avalanche, Polygon, and Hyperliquid.

Meanwhile, social media platform X has also signaled plans to create a multi-purpose app. While not necessarily a crypto-native platform or company, there has been 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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