Key Takeaways
Gemini Space Station, Inc. (NASDAQ: GEMI) reported first-quarter revenue of $50.3 million that topped analyst estimates, bolstered by a new $100 million strategic investment from a fund run by its founders.
"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," Tyler Winklevoss, CEO of Gemini, said in the announcement. "This investment will help fuel that ambition and set Gemini up for long-term success."
The crypto and prediction markets platform posted total revenue of $50.3 million, a 42% increase from the $35.3 million recorded in the first quarter of 2025. The company's net loss for the quarter narrowed to $109 million, or $0.93 per share, an improvement from the $149.3 million net loss a year prior. Adjusted EBITDA was a loss of $59.9 million, compared to a loss of $61.6 million in Q1 2025. The $100 million investment from Winklevoss Capital Fund was made at a price of $14 per share, with the payment settled in bitcoin.
The capital injection follows a significant regulatory milestone for the company as it seeks to expand beyond crypto spot markets. "In April, we received our DCO license from the CFTC, which marks a major milestone in our marketplace expansion," said Cameron Winklevoss, President of Gemini. The license advances the company's plan to build a "full-stack, end-to-end marketplace for predictions as well as futures, options, and more."
Management will host a conference call on May 15, 2026, at 8:30 a.m. E.T. to discuss the results.
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