Gemini Shares Surge After $100M Winklevoss Capital Investment

Gemini Space Station shares rallied sharply in extended trading Thursday after CNBC reported that the crypto exchange received a $100 million Winklevoss Capital investment alongside a stronger-than-expected first quarter. The stock briefly spiked 30% before settling at a gain of roughly 17% in after-hours action.

Winklevoss Capital Makes Its Move

Winklevoss Capital Fund, the venture vehicle controlled by Gemini’s co-founding brothers, purchased Class A common stock at $14 per share. The transaction was settled in bitcoin rather than cash. CEO Tyler Winklevoss said in a statement that the market has “significantly undervalued” Gemini. He described the capital as fuel for what he called the company’s next phase of growth. Tyler also said Gemini has cleared meaningful product and regulatory milestones that position the firm to evolve beyond crypto into a broader markets business.

First-Quarter Results Beat Expectations

The investment announcement coincided with Gemini’s first-quarter financial update. The company posted a loss of 93 cents per share, narrower than the $1.03 loss analysts had forecast, per FactSet data. Revenue came in at $50.3 million, topping consensus estimates of $47.9 million. Core exchange revenue fell 27% year over year to $17.2 million. However, credit card revenue more than offset that decline. It surged nearly 300% from the same period a year earlier to $14.7 million. Services revenue and interest income climbed 122% year over year to $24.5 million.

A Difficult Stretch Since the IPO

Gemini made its public debut in September 2025, hitting a 52-week high of $45.89 on its first trading day. The stock has declined sharply since then. Shares closed Thursday’s regular session at just $5.26. The period since listing has been marked by persistent losses, senior leadership departures, and a retreat from several international markets. A class-action lawsuit filed in New York separately alleges the company misled investors regarding its strategy at the time of its IPO. The company also undertook a broad internal restructuring, with a stated pivot toward artificial intelligence and prediction markets.

Eyes on Revenue Stability

The core challenge facing Gemini mirrors a wider industry problem. Publicly listed crypto firms are under pressure to build revenue streams that don’t move in lockstep with digital-asset prices. Co-founder and president Cameron Winklevoss told CNBC in a recent interview that Gemini’s crypto roots represent only part of its story. He argued that repositioning as a markets-focused company should reduce the volatility in the firm’s revenue profile. Whether Thursday’s after-hours surge translates into sustained stock recovery will likely depend on whether that diversification strategy delivers measurable results in coming quarters.

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