A screen displays an image of Gemini co-founders Tyler Winklevoss and Cameron Winklevoss and the Gemini logo during the company’s initial public offering at the Nasdaq MarketSite in New York City, United States, on September 12, 2025.
Jeenah Moon | Reuters
Gemini space stationThe crypto exchange founded and run by the Winklevoss brothers, saw shares surge in extended trading after it announced a $100 million capital injection from Winklevoss Capital Fund, the crypto billionaires’ venture capital fund.
The Fund purchased shares of the Company’s Class A common stock at $14 each, paid up Bitcoin.
The announcement was made as part of the company’s first quarter financial update. Shares initially rose about 30% and were recently up 17%.
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Gemini space station stocks over the past day
“We believe the market has significantly undervalued Gemini and that this investment will allow us to prepare the company for its next phase of growth,” Gemini CEO Tyler Winklevoss said in a statement.
“Gemini has achieved several key product and regulatory milestones that position us well to evolve from a crypto company to a marketplace company,” he added. “This investment will help drive that ambition forward and set Gemini up for long-term success.”
For the first quarter, Gemini reported a narrower-than-expected loss of 93 cents per share. Analysts expected a loss of $1.03 per share, according to FactSet. Revenue of $50.3 million also beat expectations of $47.9 million.
While stock market revenue fell 27% year-over-year to $17.2 million, Gemini reported credit card revenue of $14.7 million, up nearly 300% year over year. Services revenue and interest income increased 122% year-over-year to $24.5 million.
Since its public debut in September, Gemini has endured a difficult period marked by persistent losses, executive departures, withdrawal from international markets and a “business transformation” towards artificial intelligence and prediction markets. A class action lawsuit in New York alleges that Gemini misled investors about its strategy in its IPO.
The stock has fallen sharply since its IPO peak – rising 14% in its trading debut and hitting a 52-week high of $45.89 that day. Shares ended Thursday’s session at $5.26 apiece. Bitcoin is down about 30% since Gemini debuted in September.
Investors will likely continue to look for evidence that Gemini can generate stable revenue without relying on crypto market rallies – a reality that publicly traded crypto firms are also facing outside of exchanges as the industry matures.
Cameron Winklevoss, co-founder and president of Gemini, recently spoke to CNBC about efforts to stabilize revenues that otherwise fluctuate with crypto prices. He emphasized that while Gemini has its roots in cryptocurrency, this is “part” of its history. Winklevoss added that becoming a company “more tied to markets… should smooth out our revenues.”
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