What factors drove the changes in Gemini Space Station's revenue and profit?

What guidance did Gemini Space Station's management provide for the next earnings period?

What is Gemini Space Station's gross profit margin?

Did Gemini Space Station beat or miss consensus estimates last quarter?

What were the key takeaways from Gemini Space Station's earnings call?

What does Gemini Space Station do and what are its main business segments?

What were the key takeaways from Gemini Space Station’s earnings call?

What is Gemini Space Station's latest dividend and current dividend yield?

- **Revenue Growth**: 52% QoQ to $49.8M, driven by $16.4B trading volumes (+45% QoQ) and $8.5M credit card revenue (+140% QoQ).
- **Global Expansion**: MiCA licensing in Europe, AUSTRAC registration in Australia, and 100,000+ credit card accounts processing $350M in Q3.
- **Product Innovation**: Launching self-custody wallets, tokenized equities, and prediction markets with CFTC approval pending.
- **Efficiency**: 75% cardholders active, 55% of new users converting to exchange traders, and 12-month CAC payback period.


**【Management Opening Remarks】**
- Gemini reported its first quarter as a public company with record trading volumes of $16.4 billion, a 45% quarter-over-quarter increase, driven by institutional activity (+49%) and retail engagement (+20%).
- The Gemini Credit Card reached 100,000+ active accounts, processing $350 million in transaction volume (up 100% QoQ), with 55% of new users originating through the card onboarding process.
- Global expansion included MiCA licensing in Europe, AUSTRAC registration in Australia, and a Singapore Monetary Authority in-principle approval, enabling regulated crypto services across 30+ countries.

**【CEO & CFO Financial Overview】**
- Net revenue: $49.8 million (+52% QoQ), with transaction revenue ($26.3M, +26% QoQ) and services revenue ($19.9M, +100% QoQ) diversifying the business model.
- Credit card revenue: $8.5 million (+140% QoQ), staking balances: $741 million, and custody assets under management: $150.6 million in receivables.
- Operating expenses: $171.4 million (+72% QoQ) due to IPO-related stock compensation and marketing investments, offset by improved capital efficiency through a $150M credit facility for card receivables.

**【Q&A Key Highlights】**
- **Product Roadmap**: Launching a self-custody wallet, tokenized equities in Europe, and prediction markets pending CFTC approval.
- **Credit Card Strategy**: No annual fee, 55% of new users convert to active exchange traders, with plans for small business and co-branded cards.
- **Fraud Mitigation**: Losses at historical lows due to disciplined underwriting and AI-driven fraud detection.
- **Institutional Growth**: Competitive fee structure and API partnerships (e.g., Nasdaq) driving 49% QoQ institutional trading growth.
- **Unit Economics**: CAC payback period within 12 months, with 75% of cardholders active at quarter-end.


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