Cameron and Tyler Winklevoss made their boldest statement yet about Gemini Space Station’s future: a $100 million strategic investment into their own company, funded not with cash but with Bitcoin. 

The announcement, paired with a first-quarter earnings report that showed 42% revenue growth year-over-year, sent GEMI shares climbing more than 20% in after-hours trading Thursday night.

Gemini (NASDAQ: GEMI) reported total revenue of $50.3 million for the quarter ended March 31, 2026, driven by a surge in services and OTC revenue. Services and interest income jumped 122% to $24.5 million, while credit card revenue climbed 300% to $14.7 million. The net loss narrowed to $109 million, an improvement from the $141 million loss recorded in the same quarter of 2025. Shares closed at $5.26 on Wednesday before the earnings release, then hit $6.33 in extended trading — representing a gain of over 20%.

Shares were up over 30% this morning before settling at the time of writing. The headline move, however, was the Bitcoin-denominated investment. Winklevoss Capital Fund purchased 7.1 million shares at $14 per share — nearly triple the stock’s recent market price of around $4.92. 

Tyler Winklevoss, the company’s CEO, said in a statement: “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.” 

The $14 entry price, paid in Bitcoin, signals the twins’ conviction that both the company and the flagship digital asset have room to run.

Bitcoin itself has traded in a tight band this week, with the coin closing at $81,051 on May 14 and hovering around $80,000 through the prior several sessions. That stability comes after a bruising stretch earlier this year — BTC crashed more than 40% from its October 2025 peak of $126,000 to a low near $60,000 in February — a downturn that rattled Gemini’s exchange business and caused trading volumes to fall to $6.3 billion in Q1 from $13.5 billion a year earlier. 

Gemini’s rough couple months

The Winklevoss twins themselves were caught in that selloff, with blockchain analytics firm Arkham flagging a $130 million Bitcoin transfer into Gemini in March, widely interpreted as a sale. They later pulled funds back, withdrawing $42.77 million in BTC from the platform in April, a sign they were rebuilding their position as prices stabilized.

The earnings follows months of turbulence for the exchange. In February, Gemini cut 25% of its global workforce, exited the UK, EU, and Australian markets, and lost its COO, CFO, and Chief Legal Officer in a single week. 

Those events sparked a wave of shareholder class action suits alleging the company misled investors in its September 2025 IPO — priced at $28 per share and initially trading as high as $45.89 — about its true financial condition. The stock at one point fell below $5, a more than 89% decline from that peak.

One regulatory win gave the bulls ammunition. In April, Gemini received a Derivatives Clearing Organization license from the CFTC, opening the door to futures, options, and a broader marketplace strategy. Cameron Winklevoss, the company’s president, framed the licensing milestone as central to Gemini’s ambition to “evolve from a crypto company into a markets company.” 

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