Gemini Shares Surge on Q1 2026 Earnings and $100M Winklevoss Deal

Gemini, the Nasdaq-listed crypto exchange, has reported its Q1 2026 earnings, revealing a significant boost in revenue diversification. The company's shares rose by over 15% in after-hours trading following the release of the report.

The Q1 2026 earnings report showed that services revenue and interest income climbed 122% from a year earlier to $24.5 million, accounting for 49% of the top line. This was driven primarily by credit card revenue, which jumped nearly 300% to $14.7 million.

However, spot trading revenue slipped 27% to $17.2 million on quarterly volumes of $6.3 billion, down from $13.5 billion a year earlier. Despite this decline, the company's monthly transacting users reached 589,000, up 17% year-over-year.

Winklevoss Capital made a strategic investment of $100 million in Gemini by purchasing 7,142,857 Class A shares at $14 each, settling the transaction in bitcoin. The purchase price is more than 2.5 times above where GEMI closed on Wednesday at $4.92.

The investment is seen as an insider vote of confidence after a difficult run in public markets, with Tyler Winklevoss, CEO of Gemini, stating that 'we believe the market has significantly undervalued Gemini.' The investment will allow the company to set up for its next phase of growth.