Winklevoss twins inject $100M in bitcoin as Gemini posts 42% revenue jump

3 million in Q1 revenue, up 42% from the same stretch last year, and announced a $100 million investment from Winklevoss Capital Fund paid entirely in bitcoin. Shares jumped as much as 30% in after hours trading. The quarter also marked the first time Gemini broke out operating metrics for its prediction markets business, which went live in December 2025.

5 million, now making up 49% of total revenue compared with 31% a year earlier. 7 million, almost triple the year-ago figure. The company added about 13,100 new cardholders during the quarter, more than double the ~6,000 sign ups in Q1 2025.

2 million as spot trading volumes fell off a cliff. 5 billion in Q1 2025. 3 million from just $100,000 a year earlier.

Bigger institutional trades and the expansion of Gemini’s electronic OTC platform helped. Gemini’s prediction markets generated $400,000 in revenue during Q1. 20,000+ users have traded on the platform, with over 100 million contracts executed since December.

For reference, Kalshi and Polymarket each regularly process daily volumes between $300,000 and $500,000. Gemini said April prediction market volume rose an additional 78% from March. Winklevoss twins go all in with bitcoin Winklevoss Capital purchased 7,142,857 shares of Gemini Class A common stock at $14 per share, funded in bitcoin .

Tyler Winklevoss, Gemini’s CEO, said in the earnings release that the market has significantly undervalued Gemini and that the capital would support the company’s shift from a crypto company into a markets company. That change gained regulatory backing in April when Gemini received a Derivatives Clearing Organization license from the CFTC. Cameron Winklevoss, the company’s president, said the license moves Gemini closer to offering futures, options, and perpetual contracts.

Gemini’s losses shrink but still hit nine figures Gemini posted a net loss of $109 million. 3 million a year earlier, but still a deep hole. 1 million fraud reserve.

Gemini completed a reduction in force during the quarter. 8 million. 6 million in Q1 2025.

The exchange’s monthly transacting users reached 589,000, up 17% from a year ago. 2 billion a year earlier due to lower crypto valuations. 0, a restructuring that included exiting the UK, EU, and Australian markets and cutting 25% of its workforce.

The stock fell nearly 9% on that news, according to a class-action complaint filed in New York’s Southern District alleging the company misled investors ahead of and after its September 2025 IPO. Several analysts downgraded the stock in the wake of that restructuring. Evercore ISI cut its rating to in-line and halved its price target to $10, while Truist moved to hold and lowered its target to $7, citing concerns about solvency after the international exit.

Wednesday’s results and the Winklevoss capital injection appear aimed at resetting that narrative. 5 million in quarterly operating costs. The smartest crypto minds already read our newsletter.

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