A screen shows a photo of Gemini founders Tyler Winklevoss and Cameron Winklevoss, along with the Gemini logo, during the company’s IPO at the Nasdaq MarketSite, in New York City, US, Sept. 12, 2025.
Jeenah Moon | Reuters
Gemini Space Stationthe crypto exchange founded and led by the Winklevoss brothers, saw shares rise in extended trading after announcing 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 bitcoin.
The announcement came as part of the company’s first quarter financial review. Shares initially rose nearly 30% and ended 17% higher.
Shares of the Gemini Space Station in the previous day
“We believe that the market has greatly missed Gemini, and that this investment will allow us to position the company for its next phase of growth,” said Tyler Winklevoss, CEO of Gemini, in a statement.
“Gemini has achieved several major product and regulatory initiatives that position us well to transform from a crypto company to a markets company,” he added. “This investment will help fuel that desire and position Gemini 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 per share of $1.03, per FactSet. Revenue of $50.3 million also exceeded expectations of $47.9 million.
While transaction revenue fell 27% year over year to $17.2 million, Gemini reported credit card revenue of $14.7 million, representing a nearly 300% increase from last year. Service revenue and interest income increased 122% year-over-year to $24.5 million.
Since going public in September, Gemini has gone through a rough patch marked by ongoing losses, management departures, exits from international markets and a “corporate revolution” in the artificial intelligence and forecasting markets. The 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 — down 14% in early trading, hitting a 52-week high of $45.89 that day. Shares ended Thursday’s session at $5.26 apiece. Bitcoin has retreated nearly 30% since its Gemini debut 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 even beyond exchanges are facing as the industry grows.
Cameron Winklevoss, co-founder and president of Gemini recently spoke to CNBC about efforts to stabilize variable income in crypto currencies. He emphasized that while Gemini has its roots in crypto, that is “only one part” of its story. Winklevoss added that being a company that is “closer to the markets … should smooth our revenue.”
