Gemini surges over 25% in pre-market after receiving $100 million in funding, but still reports a first-quarter loss of $109 million

Mars Finance News: After cryptocurrency trading platform Gemini, founded by the Winklevoss brothers, released its Q1 2026 financial report, the stock price rose by more than 25% in pre-market trading. The financial report showed that the company’s revenue for the quarter grew 42% year-over-year to $50.30 million, while net losses narrowed 27% year-over-year to $109 million, though they were still above the market’s expected loss of $0.61 per share. The report indicated that Gemini’s operating expenses increased 73% year-over-year to $144.5 million, including a 91% rise in employee compensation costs, and it also included about $6.5 million in severance compensation. Sales and marketing expenses doubled year-over-year to $19.10 million. The company said it is currently driving business transformation through layoffs, business contraction, and a $100 million Bitcoin injection from the Winklevoss Capital Fund, aiming to achieve profitability. In February this year, Gemini had already shut down its operations in the UK, the EU, and Australia, and laid off about 25% of its employees, shifting its focus to the U.S. market and predictive market business. In April, the company received approval from the U.S. Commodity Futures Trading Commission for its derivatives clearing organization (DCO) license, officially entering the crypto prediction market sector. Lifted by related progress, the company’s stock price has recently continued to rebound, and it has now risen to above $6.6.