Gemini Space Station shares surged more than 20% in premarket on Friday after the Winklevoss Capital Fund bought $100m of stock at $14, well above Thursday’s $5.26 close, and the exchange reported a smaller Q1 loss than expected.
The Winklevoss twins have written a $100m cheque to their own company. Winklevoss Capital Fund, the family vehicle of Gemini Space Station co-founders Tyler and Cameron Winklevoss, closed a private placement on Thursday for 7,142,857 Class A shares at $14 each.
The clearing price is more than 2.5x Gemini’s Thursday close of $5.26 on the Nasdaq.
The market took it the way it was intended. Gemini’s stock rose more than 20% in premarket trading on Friday after the news, helped along by a Q1 print that beat on revenue and loss.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!Revenue came in at $50.3m, up 42% year on year and above the $47.9m FactSet consensus, with a loss of 93 cents a share versus an expected $1.03. Both numbers are still well inside loss territory for a public exchange, but they were the right shape to land alongside a founders’ show of confidence.
