Gemini Shares Jump 20% After $100M Winklevoss Injection at $14
Gemini Space Station shares surged over 20% in premarket after founders injected $100 million at $14 per share in bitcoin. The company posted a Q1 net loss of $0.93 per share versus $1.03 expected, while revenue climbed 42% year-over-year to $50.3 million.
1. Founders' $100M Lifeline
Winklevoss Capital Fund invested $100 million at $14 per share in bitcoin, bolstering Gemini's balance sheet and triggering a share price surge of over 20% in premarket trading.
2. Q1 Financial Results
In the quarter ended March 31, Gemini reported a net loss per share of $0.93, narrower than the $1.03 analysts expected, while revenue rose 42% year-over-year to $50.3 million, led by growth in services and OTC platform revenue.
3. Ongoing Corporate Challenges
Gemini faces a shareholder lawsuit alleging misleading business prospects and has cut 25% of its workforce, scaled back international operations and seen departures of its COO, CFO and general counsel, leaving investors with limited visibility due to lack of revenue guidance.