Gemini Space Station, the crypto exchange co-founded by Tyler Winklevoss and Cameron Winklevoss, saw its stock surge after the brothers' venture capital fund injected $100 million into the struggling company. Bitcoin served as the form of payment for the transaction, in which the fund acquired Class A common shares priced at $14 apiece, the company said.
By Friday's premarket session, shares had climbed roughly 20%. Thursday's closing price of $5.26 marked a steep drop from the $45.89 peak reached on the company's first trading day — a slide of more than 80% that has unfolded alongside a shareholder lawsuit claiming Gemini misled investors about its prospects when it went public.
In a statement, CEO Tyler Winklevoss said Gemini’s current valuation does not show its real value. He described the investment as support for the company’s move beyond being just a crypto exchange and toward a bigger role in financial markets.
Paired with the investment announcement, Gemini's first-quarter earnings showed the company losing 93 cents per share — coming in under the $1.03 loss analysts had projected, according to CNBC. On the top line, quarterly revenue of $50.3 million represented a 42% jump from the same period a year ago, clearing the $47.9 million consensus estimate, according to CNBC.
Looking at the revenue breakdown, the main exchange business made $17.2 million, which is 27% less than last year. The credit card segment brought in $14.7 million, almost three times more than a year ago, according to the company. Combined services revenue and interest income totaled $24.5 million, more than double compared to last year.
Adam Frisch of Evercore argued that without the capital infusion, investors would have responded negatively to the underlying numbers. "Were it not for the founders' $100 million strategic investment, we think Gemini would likely be down on the print as key metrics like user and revenue reacceleration fell well short of pre-IPO expectations," he told Reuters.
Since its September 2025 IPO, Gemini has navigated a period of significant internal upheaval, according to Bloomberg. Headcount reductions totaling roughly 30% accumulated over the course of the year, and the company exited most of its overseas markets while losing its top operations, finance, and legal executives; Danijela Stojanovic stepped in as acting finance chief following those exits, according to Reuters.
In an interview with CNBC, Cameron Winklevoss, the company’s co-founder and president, said crypto is only one part of Gemini’s future. He suggested that focusing more on financial markets could help the company create a more stable revenue base.