What To Expect From Circle, CoreWeave, Gemini

Key Takeaways

• Even with a softer crypto market, companies like Robinhood recently posted impressive crypto growth.

• As other crypto firms gear up for their Q3 earnings report, recent success may have boosted optimism.

• Gemini is likely to show a loss as it invests in new ventures like prediction-market contracts.

Several publicly listed crypto and blockchain companies are set to report quarterly results this week, marking one of the most closely watched periods of the earnings season.

So far, despite a decline in the overall crypto market, Q3 earnings from crypto-linked firms have been encouraging.

Robinhood reported last week that its crypto revenue climbed 67% to $268 million, and other companies will be hoping to report similar results.

CoreWeave, the AI-focused cloud computing firm that has become a key infrastructure provider for large language model developers, will post Q3 earnings after markets close on Monday.

Wall Street expects an adjusted loss of about $0.36 per share on revenue near $1.28 billion, according to consensus estimates.

The company secured multibillion-dollar agreements in the quarter with major customers, including OpenAI and Meta, which should significantly boost its earnings.

Analysts at Jefferies project remaining performance obligations could double from $30 billion in Q2 to more than $60 billion.

CoreWeave shares have fallen roughly 30% since its last report, though some analysts say recent contract wins could reignite growth momentum.

Crypto firm Circle, issuer of the U.S. dollar-backed stablecoin USDC, will release its Q3 earnings on Nov. 12.

The Zacks consensus forecast calls for revenue of about $709 million and earnings of $0.17 per share, up from $0.12 a month ago.

Circle’s second-quarter profit of $1.02 per share had easily topped estimates.

USDC circulation rose to roughly $65 billion as of August, up 6% from the prior quarter, while on-chain transaction volumes reached nearly $6 trillion.

The expansion of Circle’s stablecoin network, especially in emerging markets and the institutional market, will likely have supported strong Q3 growth.

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is due to report its inaugural earnings on Nov. 10.

According to Bloomberg, analysts expect a quarterly loss of roughly $0.80 per share, reflecting ongoing investment in new businesses.

Since its September IPO, Gemini shares have slid around 40%.

The earnings report follows the recent announcement that the firm was seeking regulatory approval to enter the world of prediction-market contracts.

Analysts at Needham described the opportunity as “attractive,” though Gemini faces intense competition, including from Donald Trump’s social media firm.

Recent upbeat results from crypto-linked firms such as Robinhood have lifted sentiment across the sector, possibly setting an optimistic tone ahead of a packed week of quarterly earnings.

On Wednesday, Nov. 5, Robinhood reported a 339% annual surge in crypto revenue, marking a 67.5% quarterly increase.

Overall transaction revenues increased 129% year-over-year to $730 million, driven by a “nice step-up in crypto volumes,” CFO Jason Warnick said.

CEO Vladimir Tenev told investors on an earnings call that the firm was still in its growth stage.

“Where it really starts to get interesting is phase two and phase three,” he said, “making them available for secondary trading on Bitstamp and then eventually, them being on DeFi, where the possibilities really start to multiply.”

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