Investing.com — Shares of Gemini Space Station jumped roughly 25% in after-hours trading on Wednesday following the company’s announcement of a $100 million strategic investment from Winklevoss Capital Fund.
The cryptoexchange operator closed the private placement on Wednesday in exchange for 7,142,857 shares of Class A common stock at $14 per share. The investment was funded in bitcoin.
Winklevoss Capital Fund is managed by Tyler and Cameron Winklevoss, who founded Gemini. The company stated the transaction will enhance its liquidity and support continued investment in product development, strategic initiatives, and general corporate purposes.
Prior to the investment announcement, Gemini Space Station shares closed at $5.26.
The company filed a Form 8-K with the Securities and Exchange Commission on Wednesday detailing the transaction.
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