Gemini Space Station ($GEMI) shares surged more than 20% in premarket trading Friday after the cryptocurrency exchange reported a smaller-than-expected quarterly loss and disclosed a $100 million investment from founders Cameron and Tyler Winklevoss through Winklevoss Capital Fund.
- Gemini reported a quarterly loss of 93 cents per share, better than analyst estimates of a $1.03 loss.
- Revenue rose 42% year-over-year to $50.3 million, driven by growth in services and over-the-counter trading revenue.
- The Winklevoss investment was priced at $14 per share and funded in bitcoin.
- Gemini shares closed at $5.26 on Thursday, down significantly from the company’s $28 IPO price.
- The company announced plans in February to cut roughly 25% of its workforce and reduce most international operations.
- Gemini and its founders are also facing a shareholder lawsuit tied to allegations investors were misled about the company’s business prospects.
Relevant Companies
- Gemini Space Station ($GEMI) - Shares moved sharply higher following the earnings report and founder investment.
- Coinbase ($COIN) - Crypto exchange sector peer that could see investor sentiment shift alongside Gemini developments.
- MicroStrategy ($MSTR) - Bitcoin-focused corporate holder potentially impacted by broader crypto market momentum and institutional activity.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
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