The Winklevoss brothers invest $100 million in Gemini

According to Bloomberg, Gemini founders Tyler and Cameron Winklevoss invested $100 million in the exchange to purchase Class A common stock at a price of $14 per share, with consideration paid in Bitcoin. Gemini's stock price closed at $5.26 on Thursday, up about 15% after hours and down over 80% over the past year. The net loss narrowed to $109 million in the first quarter, compared to $149 million in the same period last year; Revenue increased by 42% to $50 million, mainly driven by revenue from services such as credit cards. CEO Tyler Winklevoss stated that Gemini has been severely undervalued by the market, and this investment will help the company transform.