Winklevoss Twins Inject $100M in Bitcoin Into Gemini, Shares Surge 20%

Gemini Stock Soars After Founders’ Bitcoin-Fueled Investment

Shares of Gemini Space Station (NASDAQ: GEMI) jumped more than 20% in after-hours trading Thursday after co-founders Cameron and Tyler Winklevoss announced a $100 million strategic investment into their own company — funded entirely with Bitcoin. The move, paired with a first-quarter earnings report showing 42% revenue growth, pushed GEMI from a close of $5.26 to $6.33 in extended trading. Shares continued climbing Friday morning, rising over 30% before settling.

Winklevoss Capital Fund purchased 7.1 million shares at $14 per share — nearly triple the stock’s recent market price of around $4.92. The $14 entry price, paid in Bitcoin, signals the twins’ conviction that both Gemini and the flagship digital asset are undervalued. Tyler Winklevoss, the company’s CEO, said: “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.”

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. That stability comes after a 40% crash 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.

The earnings report showed total revenue of $50.3 million for the quarter ended March 31, 2026, with services and interest income jumping 122% to $24.5 million and credit card revenue climbing 300% to $14.7 million. Net loss narrowed to $109 million from $141 million a year ago. The investment and earnings come after months of turbulence for the exchange, which in February 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 shareholder class-action suits alleging misled investors in the September 2025 IPO, priced at $28 per share. See Background for more details.

Background

The Winklevoss twins themselves were caught in the Bitcoin selloff earlier this year. Blockchain analytics firm Arkham flagged 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. Gemini’s Q1 trading volumes fell to $6.3 billion, down from $13.5 billion a year earlier, reflecting the broader market slump.

In February, the company slashed its global workforce by 25% and pulled out of the UK, EU, and Australian markets. The exodus of three top executives in one week — COO, CFO, and Chief Legal Officer — compounded investor anxiety. Shareholder class-action lawsuits followed, accusing the company of misleading investors in its IPO.

What This Means

The $100 million Bitcoin-denominated investment is the boldest signal yet that the Winklevoss twins are betting on a recovery — both for Gemini and for Bitcoin. By paying nearly triple the market price for shares, they are effectively telling Wall Street that the stock is deeply undervalued. “This injection shows the founders are putting their money where their mouth is,” said a market analyst who spoke on condition of anonymity. “If Bitcoin rebounds, Gemini’s exchange revenue — and its stock — could see significant upside.”

However, the move also carries risk. The investment is tied to Bitcoin’s price, which has been volatile. If the crypto market falters again, Gemini could face renewed pressure. The company still needs to navigate the class-action lawsuits and rebuild trust with investors after the February turmoil. For now, the stock surge suggests the market is buying the Winklevoss vision — but the long-term outcome hinges on both Bitcoin’s stability and Gemini’s operational recovery.