Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, rose in Friday trading after announcing a $100 million strategic investment from Winklevoss Capital Fund, the twins' family office and main investment vehicle.
Gemini announced the investment in a May 14 earnings release, saying Winklevoss Capital Fund bought 7.14 million Class A shares at $14 each, with payment made in Bitcoin.
- The company also reported Q1 revenue of $50.3 million, up 42% from a year earlier, while exchange revenue fell 27% to $17.2 million as trading volume dropped to $6.3 billion from $13.5 billion.
Tyler Winklevoss said the market has "significantly undervalued Gemini," adding that the investment will help set up the company for its next phase of growth. Cameron Winklevoss said Gemini is trying to move from a crypto company into a broader markets company.
Gemini gets founder money after IPO slide
The founder investment landed alongside mixed Q1 numbers. The company's net loss narrowed to $109 million from $149.3 million a year earlier.
Gemini is also trying to build beyond spot crypto trading. Its prediction-markets business generated $400,000 in Q1 revenue after launching in December 2025, and the company said about 20,000 users have traded on the product since launch.
- The founder check also lands after a rough few months for Gemini as a public company. In February, the exchange said it would cut about 25% of its workforce, or up to 200 jobs, and wind down operations in the U.K., European Union and Australia as it refocused on the U.S. and Singapore.
In April, Gemini Olympus received a CFTC derivatives clearing organization license, which the company said moves it closer to offering predictions and other markets in-house.
But this isn't the first time the founders have stepped in with money. Bloomberg reported in April 2023 that Cameron and Tyler Winklevoss lent Gemini $100 million after the company tried to raise outside capital during the crypto-market downturn.