Gemini Space Station (GEMI), the crypto exchange founded by Tyler and Cameron Winklevoss, reported a deeper-than-expected third-quarter loss in its first earnings release since going public.

Heavy spending, particularly on marketing and IPO-related costs, led to a net loss of $159.5 million, or $6.67 a share, in the period. That was double the $3.24 loss-per-share forecast by analysts. The company's shares slid 8.67% in pre-market trading to $15.38 even though revenue more than doubled from the year-earlier period to $50.6 million.

Increased trading activity and non-exchange products like a crypto rewards credit card and staking services boosted revenue growth, which outpaced Coinbase’s (COIN) 55% for the same period. Kraken, another competitor, also said quarterly revenue more than doubled when it reported last month.

“Overall, we believe that our balance sheet remains healthy with ample liquidity and diversified funding to support growth across our key products,” CFO Dan Chen said on the company’s earnings call.

The exchange, which went public at $28 a share in September, said it is building a multi-product “super app” that goes beyond crypto trading. That includes the planned introduction of regulated prediction markets for sports and political events, pending regulatory approval.

“We’re very excited about these markets. We think it’s very early days,” Cameron Winklevoss said in the earnings call. “This idea that you can essentially build a market on anything, any kind of event, is fascinating and really a boundless opportunity.”