Gemini Stock Surges 20% After Winklevoss Twins Invest $100M in Bitcoin

Cameron and Tyler Winklevoss made their boldest statement yet about the future of Gemini by investing $100 million in Bitcoin to purchase shares of their own company. The announcement, combined with a strong first-quarter earnings report, sent shares of Gemini (NASDAQ: GEMI) climbing more than 20% in after-hours trading on Thursday.

Gemini reported total revenue of $50.3 million for the quarter ended March 31, 2026, marking a 42% year-over-year increase. The growth was driven by a surge in services and OTC revenue, which jumped 122% to $24.5 million. Credit card revenue also saw a significant rise, climbing 300% to $14.7 million. The net loss narrowed to $109 million, an improvement from the $141 million loss recorded in the same quarter of 2025.

Shares closed at $5.26 on Wednesday before the earnings release. In extended trading, the stock hit $6.33, representing a gain of over 20%. Shares were up over 30% the following morning before stabilizing at the time of writing.

The Bitcoin Investment

The headline move was the Winklevoss Capital Fund’s purchase of 7.1 million shares at $14 per share—nearly triple the stock’s recent market price of around $4.92. The investment was funded entirely in Bitcoin, signaling the twins’ strong conviction in both the company and the digital asset’s future potential.

“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.” — Tyler Winklevoss, CEO of Gemini

Bitcoin has traded in a tight range this week, with the cryptocurrency closing at $81,051 on May 14 and hovering around $80,000 in the prior sessions. This stability follows a volatile period earlier in the year when Bitcoin crashed more than 40% from its October 2025 peak of $126,000 to a low near $60,000 in February. The downturn rattled Gemini’s exchange business, causing trading volumes to fall to $6.3 billion in Q1 2026 from $13.5 billion a year earlier.

Recent Turbulence at Gemini

The Winklevoss twins themselves were caught in the selloff. Blockchain analytics firm Arkham reported a $130 million Bitcoin transfer into Gemini in March, widely interpreted as a sale. They later reversed course, withdrawing $42.77 million in Bitcoin from the platform in April, a sign they were rebuilding their position as prices stabilized.

The earnings report comes after months of challenges for the exchange. In February, Gemini 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. These events triggered a wave of shareholder class action lawsuits, alleging the company misled investors in its September 2025 IPO, which was priced at $28 per share and initially traded as high as $45.89. The stock later fell below $5, a decline of more than 89% from its peak.

One regulatory win provided a rare bright spot for the company. Gemini secured approval from the New York State Department of Financial Services (NYDFS) to operate as a limited-purpose trust company in the state, a move seen as a step toward rebuilding trust and regulatory compliance.