Gemini’s stock jumped after the crypto exchange reported stronger revenue and a high-profile Bitcoin-backed capital infusion from its founders’ venture arm.
NASDAQ-traded GEMI surged in pre-market trading after Gemini said first-quarter revenue rose to $50.3 million and Winklevoss Capital Fund committed $100 million — a stake purchased at $14 per share and paid entirely in Bitcoin. Shares traded as high as $6.96 before settling around $6.11, roughly 16% above Friday’s close of $5.26; the stock is up about 26% over the past month but remains down roughly 51% over six months, according to Yahoo Finance.
The results reflect Gemini’s ongoing shift away from pure spot trading toward services and new products. Total revenue grew 42% year-over-year, driven by a 122% jump in services revenue and interest income to $24.5 million — now 49% of overall revenue versus 31% a year earlier. Credit-card revenue nearly quadrupled to $14.7 million. Gemini’s new prediction-markets product, launched in December 2025, produced $0.4 million in its first full quarter and has processed over 100 million contracts from more than 20,000 traders.
At the same time, traditional exchange revenue fell 27% to $17.2 million as trading volume dropped to $6.3 billion from $13.5 billion in Q1 2025. That divergence underscores Gemini’s strategy to diversify revenue away from volatile trading fees and toward recurring, product-based income.
Regulatory progress is another headline: Olympus, Gemini’s derivatives arm, secured a Derivatives Clearing Organization license from the CFTC in April, adding to its December designation as a Designated Contract Market. Those dual approvals give Gemini a rare full-stack derivatives footprint among crypto platforms — a capability the Winklevosses say will help the company evolve “from a crypto company into a markets company.”
“We believe the market has significantly undervalued Gemini,” CEO Tyler Winklevoss said, noting the Bitcoin-funded investment will fuel the company’s next growth phase. President Cameron Winklevoss framed the CFTC approvals as a major milestone in expanding Gemini’s marketplace to include predictions, futures, options and more.
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