Winklevoss Brothers Inject $100M Into Their Own Crypto Exchange at $14/Share — Paid in Bitcoin

Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, received a $100 million investment from the brothers' own venture fund, Winklevoss Capital Fund, with shares purchased at $14 each — and notably, the payment was made in bitcoin rather than cash. The announcement triggered an initial 30% spike in after-hours trading, though shares settled to a more modest 17% gain. Tyler Winklevoss framed the move as a bet that the market has undervalued the exchange and that the capital will fund Gemini's next growth phase.

The investment came alongside Gemini's Q1 earnings, which offered some rare bright spots. The company posted a loss of 93 cents per share, narrower than the $1.03 analysts had expected, and revenue of $50.3 million beat the $47.9 million consensus. The standout figure: credit card revenue surged nearly 300% year over year to $14.7 million, while services revenue and interest income jumped 122% to $24.5 million. The gains offset a 27% drop in core exchange revenue, which fell to $17.2 million — underscoring how volatile crypto trading volumes can be.

Gemini's post-IPO story has been rough. The company went public in September and hit a 52-week high of $45.89 on its debut day. Since then, the stock has cratered to $5.26 at Thursday's close — a decline of roughly 88% from that peak. The broader crypto market hasn't helped: bitcoin is down about 30% since Gemini's debut. The company has also faced executive departures, a retreat from international markets, a strategic pivot toward AI and prediction markets, and a class-action lawsuit alleging it misled IPO investors about its strategy.

The Winklevoss brothers are openly pushing a reframing of Gemini's identity — from a pure-play crypto exchange into a broader markets company. Cameron Winklevoss has argued that tying the business more closely to diversified market infrastructure should smooth revenue volatility rather than leaving it hostage to crypto price swings. Whether the $100 million self-investment signals genuine confidence or is primarily a price-support maneuver will be a central question for investors watching the stock.