Gemini Space Station (Nasdaq: GEMI), the crypto exchange founded by Cameron and Tyler Winklevoss, just posted its first-quarter 2026 results — and simultaneously revealed a $100 million bet on itself at a time when few investors seem willing to make one.

Total revenue for Q1 increased 42% year-over-year to $50.3 million, driven by growth in services and OTC revenue. Net loss improved 27% to $109 million from $149.3 million in Q1 2025. Net loss per share stood at $0.93, compared to $30.34 in the year-ago quarter.

Alongside the earnings, the company announced that Winklevoss Capital Fund has made a $100 million strategic investment in Gemini at $14 per share of Class A common stock — with the consideration paid entirely in…