Gemini Space Station (Nasdaq, GEMI) shares climbed roughly 9% to $5.73 in after-hours trade on Thursday after the listed crypto exchange reported a 42% jump in first-quarter revenue and a $100 million strategic investment from Winklevoss Capital.
The firm also posted a narrower net loss of $109 million for the period ended March 31, while operating expenses grew 73% on stock-based compensation, severance, and credit card costs.
Gemini Q1 2026 Earnings Show Revenue Diversification
Services revenue and interest income climbed 122% from a year earlier to $24.5 million, making up 49% of the top line versus 31% in Q1 2025. Credit card revenue led the move, jumping nearly 300% to $14.7 million, with cumulative cardholders passing 123,700 over the trailing four quarters.
Spot trading revenue, by contrast, slipped 27% to $17.2 million on quarterly volumes of $6.3 billion, down from $13.5 billion a year earlier. Monthly transacting users reached 589,000, up 17% year-over-year.
Winklevoss Capital Anchors $100 Million Bitcoin Bet
Winklevoss Capital bought 7,142,857 Class A shares at $14 each, settling the transaction in bitcoin (BTC). The purchase price sits more than 2.5 times above where GEMI closed Wednesday at $4.92, framing the deal as an insider vote of confidence after a difficult run in public markets.
Tyler Winklevoss, CEO of Gemini
The investment also follows the firm’s April 29 Derivatives Clearing Organization license from the CFTC, which lets Gemini handle settlement and risk internally for an expanded derivatives suite alongside its in-house predictions market.
Costs Climb Ahead of Cash Injection
Total operating expenses rose 73% to $144.5 million, including $24.2 million in stock-based compensation and $6.5 million in severance tied to a Q1 reduction in force. Adjusted EBITDA improved modestly to negative $59.9 million.
Cash and equivalents finished the quarter at $215.6 million, down from $252.2 million at year-end, before the bitcoin-funded capital injection settled in May. Management hosts its Q1 earnings call on May 15.
The post Gemini Stock Climbs 9% as Q1 2026 Earnings Show 42% Revenue Jump appeared first on BeInCrypto.
Source: https://beincrypto.com/gemini-stock-q1-2026-earnings-winklevoss/
