Gemini, the cryptocurrency platform of the Winklevoss twins, saw its shares surge more than 20% in premarket trading. The reason: a smaller-than-expected quarterly loss and a $100 million injection from its own founders. The investment was made at $14 per share, well below the initial public offering price of $28.
Bitcoin injection and capital adjustment 🚀
Winklevoss Capital Fund channeled the $100 million paid in bitcoin, a move that strengthens Gemini's treasury without relying on traditional markets. The company reported a quarterly loss lower than forecasts, although its shares had fallen from the IPO price of $28 to close at $5.26. This operation aims to stabilize the firm in a complex regulatory environment, as exchanges compete to retain liquidity.
Twins to the rescue: $100M to plug holes 💰
The Winklevosses are pulling out their wallets again, but this time not to sue Zuckerberg, but to save their own crypto venture. Injecting $100 million at $14 per share when the market values them at $5.26 is almost like buying at a discount, but being your own boss. Of course, paying in bitcoin has its perks: if the token goes up, the debt pays itself. Or not.