A screen displays an image of Gemini co-founders Tyler Winklevoss and Cameron Winklevoss, and the Gemini logo, during the company’s IPO at the Nasdaq MarketSite, in New York City, U.S., Sept. 12, 2025.
Jeenah Moon | Reuters
Gemini Space Station, the crypto exchange founded and led 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 bought shares of the company’s Class A common stock at $14 each, paid in bitcoin.
The announcement came as part of the company’s first-quarter financial update. Shares initially popped about 30% and were last higher by 17%.
Shares of Gemini Space Station in the past day
“We believe the market has significantly undervalued Gemini, and that this investment will allow us to set up the company for its next phase of growth,” said Tyler Winklevoss, CEO of Gemini, said in a statement.
“Gemini has achieved several major product and regulatory milestones that position us well to evolve from a crypto company into a markets company,” he added. “This investment will help fuel that ambition 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 were anticipating a $1.03 per-share loss, per FactSet. Revenue of $50.3 million also topped expectations of $47.9 million.
While exchange revenue dropped 27% on a year-over-year basis to $17.2 million, Gemini reported credit card revenue of $14.7 million, reflecting a nearly 300% surge from a year earlier. Services revenue and interest income rose 122% year over year to $24.5 million.
Since making its public debut in September, Gemini has been through a difficult stretch marked by ongoing losses, executive departures, pulling out of international markets and a “company transformation” toward artificial intelligence and prediction markets. A class-action lawsuit in New York alleges Gemini misled investors about its strategy in its IPO.
The stock has fallen sharply since its IPO high – it popped 14% in its trading debut, hitting a 52-week high of $45.89 that day. Shares ended Thursday’s session at $5.26 apiece. Bitcoin has pulled back about 30% since Gemini’s September debut.
Investors will likely continue to watch for evidence that Gemini can generate stable revenue without relying on crypto market rallies – a reality that publicly traded crypto firms even beyond exchanges are facing as the industry matures.
Cameron Winklevoss, cofounder and president of Gemini recently spoke with CNBC about efforts to stabilize revenue that otherwise swings with crypto prices. He emphasized that while Gemini has its roots in crypto, that’s “one part” of its story. Winklevoss added that becoming a company “that’s more tied to markets … should smooth out our revenue.”
