Gemini Space Station (NASDAQ:GEMI) shared Q1 earnings yesterday, reporting a revenue increase of 42% year over year while stating that the Winklevoss Capital Fund had committed $100 million to the crypto firm. Gemini was founded by the Winkelvoss brothers, who took the firm public last year. Shares rose in early market trading following the news.
Gemini closed the $100 million private placement yesterday in exchange for 7,142,857 shares of the Company’s Class A common shares, with the investment funded in Bitcoin.
Net loss improved by 27% with Gemini losing $109.9 million during the quarter compared to a loss of $149.3 million in Q1 2025. EPS during the quarter was -$0.93 versus -$30.34 in 2025
Tyler Winklevoss, CEO of Gemini, said they believe the market has undervalued his company and the investment will set Gemini up for long-term success:
“Gemini has achieved several major product and regulatory milestones that position us well to evolve from a crypto company into a markets company.”
Brother Cameron Winklevoss, President of Gemini, said the firm’s momentum, driven by diversifying revenue, will accelerate.
“In April, we received our DCO license from the CFTC, which marks a major milestone in our marketplace expansion. In addition to our crypto spot marketplace, Gemini now has taken the next step towards building a full-stack, end-to-end marketplace for predictions as well as futures, options, and more.”
Gemini said the increase in revenue was due to growth in services and OTC activity. Overall transaction revenue was stable year over year at $241 mllion.
Exchange revenue dropped by 27% to $17.2 million due to declines in spot trading.
Prediction markets, a new feature of the platform, generated $400,000 in revenue. Approximately 20,000 individuals have reportedly used the service. April 2026 volume for the prediction market was up 78% month-over-month.
Credit card revenue, touted in their last earnings report, increased by 300% year over year to $14.7 million. Gemini had 13,000 new sign-ups during the quarter and 123,700 in total.
Overall, monthly platform users stood at 589,000.
Cash and cash equivalents were reported at $215.6 million versus $252.2 million last year.
In April 2026, Gemini launched Agentic Trading tools, allowing customers to connect AI agents, including Claude, ChatGPT, and others, to Gemini’s API to place trades, monitor markets, and manage risk autonomously.
Like others, Gemini aims to become the leading super app, or everything app, for a user’s financial life.
Gemini pursued an initial public offering (IPO) at $28 per share and has since experienced a significant decline in value for investors. At the moment, shares are trading higher by over 30% at $7.16.
The earnings call is taking place this morning.