Gemini Space Station stock price skyrockets as Winklevoss crypto firm wins prediction market approval

Tyler and Cameron Winklevoss are taking Gemini Space Station Inc. into the prediction market space. 

The cryptocurrency exchange’s CEO and president, respectively, said on Thursday that the Commodity Futures Trading Commission (CFTC) has granted a Designated Contract Market (DCM) license to a company affiliate called Gemini Titan, LLC. 

Gemini Titan will offer event contracts written as yes-or-no questions about future occurrences, essentially letting U.S. users gamble on the outcomes of everyday events. 

As examples, Gemini in its announcement provided the questions, “Will 1 bitcoin end this year higher than $200k?” and “Will Elon Musk’s X end up paying the full $140 million fine to the European Commission in 2026?”

The news comes three months after the Winklevoss twins, made infamous in the 2010 film The Social Network, brought Gemini public amid a wave of crypto-focused IPOs this year.

Gemini’s shares (Nasdaq:GEMI) soared about 16% during after-hours and into premarket trading on Thursday.

However, its stock is still down more than 64% from a high that it had reached around its market debut in September.

“Making America the crypto capital of the world”

The CFTC’s granting of the license comes half a decade after Gemini first applied on March 10, 2020.

Tyler Winklevoss credited the approval to President Trump “for ending the Biden Administration’s War on Crypto.”

He also thanked the CFTC’s acting chairman, Caroline D. Pham, for her “hard work and dedication to help realize President Trump’s vision for making America the crypto capital of the world.”

Tyler Winklevoss continued his fawning: “It’s incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America.”

As for when Gemini Titan will be up and running, the release simply states that it’s “starting shortly.”

U.S. customers should be able to use dollars to trade event contracts in their Gemini account on the web and, eventually, the mobile app. The company adds that Gemini Titan might add crypto futures, options, and perpetual contracts to its derivative offerings in the future. 

It will have to compete with existing prediction markets such as Polymarket and Kalshi.