Images of Gemini co-founders Tyler Winklevoss and Cameron Winklevoss and the Gemini logo appear on a screen during the company’s IPO on the Nasdaq Market site in New York City, U.S., September 12, 2025.
Gina Moon | Reuters
gemini space stationThe cryptocurrency exchange founded and led by the Winklevoss brothers saw its stock price soar in after-hours trading after announcing a $100 million capital injection from the crypto billionaire’s venture capital fund, the Winklevoss Capital Fund.
The Fund purchased and paid the Company’s Class A common stock at a price of $14 per share. Bitcoin.
The announcement was made as part of the company’s first quarter financial update. The stock initially soared about 30% and ended up 17%.
Gemini space station shares in the past day
“We believe the market significantly undervalues Gemini, and we believe this investment will prepare the company for its next phase of growth,” Gemini CEO Tyler Winklevoss said in a statement.
“Gemini has achieved several major product and regulatory milestones that position us well to evolve from a crypto company to a marketplace company,” he added. “This investment will further that ambition and help set Gemini up for long-term success.”
For the first quarter, Gemini reported a narrower-than-expected loss of 93 cents per share. Analysts had expected a loss of $1.03 per share, according to FactSet. Revenue also came in at $50.3 million, exceeding expectations of $47.9 million.
Currency revenue was down 27% year-over-year to $17.2 million, while Gemini reported credit card revenue of $14.7 million, up nearly 300% year-over-year. Service and interest income increased 122% year over year to $24.5 million.
Since opening to the public in September, Gemini has weathered a difficult period, including continued losses, executive departures, withdrawal from international markets, and a “corporate transformation” toward artificial intelligence and predictive markets. A class action lawsuit in New York alleges Gemini misled investors about its IPO strategy.
The stock has fallen sharply since its IPO high, jumping 14% in its trading debut to hit a 52-week high of $45.89 on the day. Thursday’s trading closed at $5.26 per share. Since Gemini’s debut in September, Bitcoin has fallen about 30%.
Investors will continue to watch for evidence that Gemini can generate stable returns without relying on rising crypto markets. As the industry matures, non-exchange listed crypto companies are also facing this reality.
Cameron Winklevoss, co-founder and president of Gemini, recently spoke to CNBC about the company’s efforts to stabilize its revenue, which fluctuates depending on the price of cryptocurrencies. He emphasized that Gemini’s roots are in cryptocurrencies, but that it is “part” of its story. Winklevoss added, “As companies become more connected to the market, earnings should smooth out.”
