Gemini Space Station, Inc.

Good day, and thank you for standing by. Welcome to Gemini's third quarter 2025 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Kate Friedman, Secretary. Please go ahead.

Good afternoon and welcome to Gemini's third quarter 2025 earnings conference call. I'm Kate Friedman, Gemini's secretary. Joining me on the call today are Gemini founders Karen and Tyler Winklevoss, Chief Operating Officer Marshall Beard, and Chief Financial Officer Dan Cheng. We announced third quarter financial results today after the market closed. Please note that during the course of this call, The Gemini team will make forward-looking statements, including statements relating to the future performance of Gemini, its business outlook, and anticipated trends in our industry and their anticipated impact on our business, which are based on management's current expectations, forecasts, and assumptions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations. For identification and discussion of these material assumptions, risks, and uncertainties, please refer to our public filings with the SEC, as well as the investor relations section on our website. We undertake no obligation to update these forward-looking statements unless expressly required to do so by law. In addition, during this call, the Gemini team will be referring to certain non-GAAP financial measures during today's discussion. Important disclosures about this information and a reconciliation of the non-GAAP information to comparable GAAP information is included in our shareholder letter and is available on our investor relations website. And with that, let me turn the call over to Cameron and Tyler.

Good afternoon, and thank you all for joining us on our inaugural earnings call as a public company. I'm Cameron Winklevoss, president and co-founder of Gemini. Tyler and I are equal parts thrilled and humbled to reach this milestone in Gemini's journey. The end of Q3 marked our first quarter as a publicly traded company. And while that milestone is an important one, it represents only the beginning of our next journey. When we founded Gemini over a decade ago, our goal was to build the trusted bridge to the future of money, connecting the world to the crypto frontier and helping grow that frontier into the crypto mainland. Before Tyler and I outline our growth and business strategy, we want to take a moment to applaud the Gemini team. The hard work, creativity, and determination of our people have brought us to this point. We are deeply grateful for the passion and grit you bring to our mission every day. This quarter marked a significant step forward in our mission. We scaled our ecosystem, broadened our reach, and continued to demonstrate the strength of the model we are building, one grounded in trust, engagement, and liquidity. Across the business, we achieved some of our strongest growth milestones in recent years. Trading volumes reached 16.4 billion, a multi-year quarterly high, primarily driven by expanding institutional activity and deeper engagement across the platform. The Gemini credit card delivered record performance, surpassing 100,000 open accounts and more than 350 million in quarterly transaction volume, more than doubling quarter over quarter. Together, these results reflected our strongest quarter of user acquisition in over three years and underscored the growing reach of our ecosystem. We also built momentum for our next stage of growth by launching new Gemini credit card features and introducing the Gemini Wallet, a self-custody smart wallet designed for both crypto users and developers. At the same time, we broadened our global footprint by launching in Australia and securing our MICA license in Europe, enabling us to offer staking derivatives and tokenized stocks to customers across the European Union under a regulated framework. We believe this performance reinforces the strength of our model and the foundation that will continue to power Gemini's long-term growth. Thanks, Cameron. When we founded Gemini, our goal was to make crypto simple, secure, and accessible for everyone. That purpose underpins the trust, engagement and liquidity flywheel that fuels our business. From the very beginning, we chose to take the regulation forward path, asking for permission, not forgiveness. And we built Gemini with the goal of meeting the highest standards of security, licensing and compliance. We believed and still believe that long-term value in crypto will flow to the companies that earn it the right way. This focus on trust has allowed us to create a durable model that we believe will compound over time. We believe this foundation of trust and transparency is what draws users to Gemini and what keeps them here. This regulation forward approach has allowed us to build a durable, powerful flywheel built on trust, engagement, and liquidity that drives Gemini's business forward. This flywheel starts with our exchange, a regulated crypto native platform that combines the depth and sophistication institutions expect with the simplicity retail customers need. That foundation of trust and transparency is what draws users to Gemini in the first place and what keeps them here. From there, Gemini credit card expands our reach it's often the first step for customers who are new to crypto a no annual fee card that earns bitcoin or one of the 50 plus tokens available on our platform on everyday purchases this brings them into the Gemini ecosystem in a simple rewarding way over time that relationship creates opportunities for customers to explore more of what Gemini offers, from trading and saving to engaging with on-chain products as comfort and familiarity grow. As overall activity builds, it attracts institutional liquidity, market makers, asset managers, and corporate treasuries that value Gemini's regulated framework. Their participation strengthens pricing and execution for everyone, creating a healthier, more efficient marketplace. The final piece, and really the backbone of the entire system, is regulatory trust. Operating in a sound, compliant, and transparent way doesn't just protect our users. It opens doors in new markets and makes Gemini a partner of choice for institutions and regulators alike. Each turn of this flywheel reinforces the next. Trust drives engagement, engagement builds liquidity, and liquidity strengthens trust. It is an integrated model that compounds over time, expanding our reach, deepening relationships, and strengthening the resilience of our business. That's the power of Gemini's Flywheel, and it's why we believe we're positioned to lead as traditional finance and crypto continue to converge. In Q3, we advanced our mission across five key areas that demonstrate the strength of this model. One, expanding our regulated global footprint. Two, scaling crypto adoption through everyday spending. Three, deepening trading activity and diversifying our revenue mix. Four, enabling secure on-chain access. And five, enhancing capital efficiency and balance sheet strength. Our chief operating officer, Marshall Beard, will discuss each of these areas in more detail. Back over to Cameron. As we look ahead, the opportunity before us is enormous. Financial markets are moving on chain, and crypto is reshaping how we transact, store value, and interact with money itself. Gemini is purpose-built for this transition. regulated, trusted, and focused on building a globally integrated super app that connects traditional finance and crypto in one seamless experience. Our mission has always been global. You should not have to live in any one country to access a stable currency, invest in great companies, or participate in a modern financial system that works 24-7, just like the internet and your email. We pursue this mission by bringing dollars on chain through stable coins, enabling trading and secure custody of tokenized assets and making it simple to buy Bitcoin and other crypto. Gemini is positioned to help shape this future and ensure that everyone has access to it while maintaining the trust and security standards our customers have come to expect. We are proud of what we've accomplished in our first quarter as a public company and even more excited about what lies ahead. Thank you for joining us on this journey. With that said, I'd like to hand it over to Marshall Beard, our Chief Operating Officer, to discuss Gemini's Q3 operating performance.