Winklevoss twins invest $100 million in cryptocurrency exchange Gemini

CoinFeed reported on May 15th, citing Bloomberg, that Gemini founders Tyler and Cameron Winklevoss made a $100 million "strategic investment" in the exchange, purchasing Class A common stock at $14 per share, with the consideration paid in Bitcoin. The exchange's stock closed at $5.26 on Thursday, rising approximately 15% in after-hours trading, but has fallen over 80% in the past year. Gemini's first-quarter net loss narrowed to $109 million, compared to $149 million in the same period last year; revenue grew 42% to $50 million, primarily driven by services such as credit cards. CEO Tyler Winklevoss stated that the market has severely undervalued Gemini, and this investment will help the company transform from a crypto company into a marketplace company.