On Monday, investors sold shares of the cryptocurrency exchange Gemini, causing its stock price to drop to a historic low in after-hours trading, following the company's first quarterly performance report which showed a loss due to listing expenses.

Gemini released its third-quarter results on Monday, marking its first financial report since going public in September. The report indicated revenue of $50.6 million, more than double the $24.5 million reported in the same period last year.

However, the company reported a net loss of $159.5 million, widening from a loss of $90.1 million in the same period last year, primarily due to costs related to compensation and advertising before the initial public offering.

Gemini (GEMI) shares closed up 4% at $16.84 on Monday but plummeted to a low of $14.75 in after-hours trading. The stock then slightly rebounded, ultimately falling 6.2% to a historic low of $15.80 during the after-hours session.

Since its listing at $28 per share on September 12, Gemini's stock price has dropped about 40%, as the cryptocurrency market failed to sustain the surge it reached in early October.

As the stock price fell, Gemini President and co-founder Cameron Winklevoss told investors during the earnings call that the exchange is betting on building a cryptocurrency "super app" to integrate various products.

"We are very excited about building a super app," he said. "This is a future on-chain. We are an on-chain company, and that is our expertise."

"Our view is that all markets are going on-chain. Soon, you will be able to hold tokenized dollars, tokenized stocks, and digital goods all in one app through stablecoins," Winklevoss said. "We are making great progress in this area."

Winklevoss added that the company's goal is to create its own products rather than partnering with or acquiring other companies.

Winklevoss expressed his excitement about the exchange adding prediction markets, which typically allow users to bet on the outcomes of a range of events from sports to politics.

"The idea of being able to build markets on basically anything, any type of event, is fascinating and truly an infinite opportunity," he added. "We are working to roll out these products globally."

Gemini stated that it has submitted an application to the Commodity Futures Trading Commission (CFTC) to become a designated contract market to offer prediction markets, confirming reports on Wednesday about its plans to enter this space.

"Once the government reopens, we hope to continue to advance that application and hope to bring these products to market shortly thereafter," Winklevoss said.

Related: Bitdeer stock drops 20% after reporting a $266 million quarterly loss

Original article: “Gemini Bets on ‘Super App’ as Stock Sinks to Record Low on Q3 Results”

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