Gemini shares surge over 25% in pre-market trading after receiving a $100 million investment, but still reported a first-quarter loss of $109 million.

Odaily Odaily reports that Gemini, the cryptocurrency trading platform founded by the Winklevoss brothers, saw its stock price surge more than 25% in pre-market trading after releasing its Q1 2026 earnings report. The report showed that the company's revenue increased by 42% year-over-year to $50.3 million, while its net loss narrowed by 27% year-over-year to $109 million, but still exceeded market expectations of a loss per share of $0.61. The report shows that Gemini's operating expenses increased by 73% year-over-year to $144.5 million, with employee compensation costs rising by 91%, including approximately $6.5 million in severance pay; sales and marketing expenses also doubled year-over-year to $19.1 million. The company stated that it is currently driving business transformation and seeking profitability through layoffs, business contraction, and a $100 million Bitcoin investment from Winklevoss Capital Fund. In February, Gemini closed its operations in the UK, EU, and Australia, and laid off approximately 25% of its staff, shifting its focus to the US market and prediction market business. In April, the company received approval from the US Commodity Futures Trading Commission for its Derivatives Clearing House (DCO) license, officially entering the cryptocurrency prediction market space. Boosted by these developments, the company's stock price has rebounded recently, currently standing above $6.60. (CoinDesk)