Overview
- Gemini shares jumped as much as about 30% in after-hours trading Thursday following a $100 million purchase by Winklevoss Capital paid in bitcoin at $14 per share.
- The company reported $50.3 million in first‑quarter revenue, topping forecasts, and logged a $109 million net loss equal to 93 cents per share.
- Growth came from non-trading lines as credit card revenue reached $14.7 million, up nearly 300% year over year, and services plus interest income rose to $24.5 million.
- Exchange trading weakened with revenue falling 27% to $17.2 million as spot volumes slid to $6.3 billion from $13.5 billion a year earlier.
- In April, Gemini won a CFTC Derivatives Clearing Organization license that lets it clear trades in-house, while its new prediction market has surpassed 100 million contracts from over 20,000 users but produced only about $400,000 in revenue.
- Costs rose fast with operating expenses up 73% to $144.5 million, no formal revenue guidance was offered, and a shareholder lawsuit over IPO disclosures plus recent layoffs and executive exits kept analysts cautious.