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.
The earnings are Gemini’s first since it went public in September. The losses for the company come as it tries to expand its offerings beyond just being a crypto exchange, where people can buy and sell popular cryptocurrencies like Bitcoin and Ethereum. Gemini seeks to build a “super app” to connect the world of traditional finance and crypto. However, costs related to its IPO and to marketing contributed to Gemini’s losses. The company’s struggles coincide with a larger downturn for crypto in the past month or so.
