Gemini shares surge 25% as Winklevoss Capital pumps $100M in bitcoin and CFTC derivatives license unlocks new growth lane!

Gemini Space Station Inc. (GEMI) shares jumped more than 25% in pre-market trading after the Winklevoss-founded crypto exchange reported Q1 2026 earnings that, despite missing analyst estimates, signalled a credible pivot toward profitability. Revenue climbed 42% year-over-year to $50.3 million, narrowing the net loss 27% from $149.3 million to $109 million — though the 93-cent-per-share loss still came in well above the 61-cent consensus.

The market is clearly looking past the miss and pricing in the restructuring story. Winklevoss Capital Fund injected $100 million in bitcoin-funded capital, the company cut 25% of its workforce, and it exited the U.K., EU, and Australia in February to sharpen its U.S. focus. Operating expenses ballooned 73% to $144.5 million — driven by a 91% surge in compensation costs including $6.5 million in severance and a doubling of marketing spend to $19.1…