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Crypto exchange economics are being tested across the sector as platforms absorb the capital cost of expanding beyond spot trading.
Gemini's shares slid after the exchange reported a $108 million loss, even as prediction market volume came close to doubling.
Winklevoss was direct: "We still have work to do." A result that reads in two directions Prediction market volume nearly doubled at Gemini, and the company has been expanding its product set beyond its original crypto trading core.
The problem is the other number. A $108 million loss is not a rounding error, and leadership did not treat it as one: Winklevoss named the shortfall plainly without attaching a timeline or a target.
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