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Gemini Founders Invest $100 Million in Exchange Using Bitcoin

Gemini reported first-quarter revenue of $50.3 million and a $109 million net loss as Tyler and Cameron Winklevoss invested $100 million in Bitcoin for Class A shares and the company focused on U.S. and prediction market growth.

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Fact Check
Three of the four specific claims are fully confirmed by the official Gemini press release (GlobeNewswire) and The Block's detailed reporting: (1) Q1 revenue of $50.3 million is confirmed; (2) 42% YoY revenue growth is confirmed; (3) prediction market surpassing 20,000 users and 100 million contracts since December 2025 is confirmed. The fourth claim — that 'credit card revenue neared half of total sales' — is partially misleading. Per The Block, credit card revenue was $14.7M, which is approximately 29% of total revenue ($50.3M), not near half. It does represent the largest single sub-component within the services/interest segment ($24.5M), where it accounts for about 60%. The claim may be conflating credit card revenue's share of the services segment with its share of total revenue, or rounding loosely. The core financial and prediction market metrics are accurate; only the credit card revenue framing is an overstatement.
Summary

Gemini reported first-quarter revenue of $50.3 million, up 42% year over year from $35.3 million, while net loss narrowed 27% to $109 million from $149.3 million. At the same time, founders Tyler and Cameron Winklevoss, through Winklevoss Capital Fund, made a $100 million strategic investment in the exchange using Bitcoin to buy Class A shares at $14 each. The newer topic says Gemini reported $50 million in revenue, while the older topic gives the more precise figure of $50.3 million. Gemini previously said credit card revenue rose about 300% year over year to nearly half of total revenue, and that its prediction market has attracted more than 20,000 users and generated more than 100 million contracts since December. The company also said it is cutting costs and prioritizing the U.S. market and prediction markets.

Terms & Concepts
  • Bitcoin: A decentralized digital asset that can be used for payments, settlement, and treasury holdings, and can also serve as a capital asset on a company’s balance sheet.
  • Prediction market: A market where users trade contracts tied to the outcomes of future events, creating prices that reflect collective expectations.
  • Class A shares: A category of company stock that typically carries specific voting or economic rights set by the issuer.