Cameron and Tyler Winklevoss poured $100 million of their own money into Gemini this week, funding the purchase with Bitcoin. The investment — made through Winklevoss Capital Fund — bought 7.1 million shares at $14 a share, nearly three times the stock's recent $4.92 price. Gemini shares surged over 20% in after-hours trading Thursday, from a $5.26 close to $6.33, and later settled up more than 30%.
Why they did it
The twins say the market got it wrong. Gemini went public in September 2025 at $28 a share, hit $45.89, then cratered below $5 — an 89% decline. Tyler Winklevoss put it bluntly: '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.' The company posted Q1 2026 revenue of $50.3 million, up 42% year-over-year, and narrowed its net loss to $109 million from $141 million. But trading volumes fell by half, to $6.3 billion from $13.5 billion a year earlier.
The CFTC license play
In April 2026, Gemini snagged a Derivatives Clearing Organization license from the Commodity Futures Trading Commission. Cameron Winklevoss called it the key to evolving 'from a crypto company into a markets company.' The license lets Gemini offer futures and options — a big shift from its spot-exchange roots. The timing isn't great for Bitcoin, which traded around $80,000-$81,000 in mid-May, down from a $126,000 peak last October.
A brutal restructuring
This turnaround comes after a painful first quarter. Gemini cut 25% of its global workforce, exited the UK, EU, and Australian markets, and lost its COO, CFO, and chief legal officer all in February 2026. Some bright spots: services and interest income jumped 122% to $24.5 million, and credit card revenue climbed 300% to $14.7 million. But shareholder class-action suits are piling up, alleging Gemini misled investors in its IPO about its true financial condition.
Blockchain analytics firm Arkham flagged a $130 million Bitcoin transfer into Gemini in March, interpreted as a sale; the twins later withdrew $42.77 million in BTC in April. With the new DCO license, Gemini is expected to file for additional crypto derivatives products in the coming months. The first court hearing in the shareholder lawsuits is set for early June.
