Gemini, the crypto exchange cofounded by Tyler and Cameron Winklevoss, saw its share price slide significantly on Tuesday. That followed the company reporting third quarter losses of $6.67 per share, which is more than double what analysts expected. Gemini shares dipped more than 17% to a low of $13.88 in the morning following the announcement.
Gemini reached an all-time high of $45.89 the day of its IPO launch in September, and is down roughly 70% since then.
“In our view, GEMI delivered weaker quarterly results, primarily driven by higher expenses across categories,” said James Yaro, equity research vice president at Goldman Sachs, in a report released on Tuesday. “With crypto market cap down 10% [so far] in 4Q, this weighs on asset level-driven revenue streams.”
Cameron Winklevoss spoke to the long-term vision of his company in an earnings call on Monday.
“[Our first quarter as a publicly traded company] represents only the beginning of our next journey,” he said. “This quarter marked a significant step forward in our mission.”
Circle, another newly-public crypto company, will report earnings for the first time on Wednesday at 8am ET.
