Winklevoss Twins' Gemini Space Station Joins Prediction-Markets Race — Update

By Katherine Hamilton

The Winklevoss twins are entering into the prediction-market scene.

Gemini Space Station, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, said Wednesday that its affiliate Gemini Titan has received a designated contract market license.

Shares of the company gained 15%, to $13.10, in after-hours trading.

The license from the Commodity Futures Trading Commission allows Gemini to offer prediction markets to U.S. customers.

Gemini made its debut on public markets in September with an initial offering price of $28 a share. The company was founded in 2014 and is one of three public crypto exchanges in the U.S.

Gemini plans to start out offering event contracts with simple "yes or no" questions about future events. Questions could include topics such as bitcoin's valuation or fines faced by Elon Musk's social-media platform X, Gemini said.

"Prediction markets have the potential to be as big or bigger than traditional capital markets," Cameron Winklevoss, the company's president, said.

Prediction markets have gained traction since the 2024 presidential election. Contract futures about sports events have been especially lucrative for platforms such as Kalshi, and online sports betting companies FanDuel and DraftKings launched prediction markets products this year.

The markets also have caused controversy within the gambling industry, as they allow users to put money on events but aren't subject to the same regulations and taxes as traditional betting.

President Trump's administration has been more supportive of prediction markets. Donald Trump Jr. is an advisor at two of the most prominent prediction markets platforms, Kalshi and Polymarket.

"It's incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America," Gemini CEO Tyler Winklevoss said.

The Winklevoss twins have been significant donors to Trump and Republican causes. They gave $21 million in bitcoin to the Digital Freedom Fund PAC, a super political-action committee that supports pro-Trump and pro-crypto candidates.

Gemini said it first applied for the license in March of 2020.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

Corrections & Amplifications

This headline was corrected at 7:16 p.m. ET to relfect that Gemini Space Station-affiliate Gemini Titan received a designated contract market license from the Commodity Futures Trading Commission. The original version incorrectly said the license was from the Commodities Futures Trading Commission.

(END) Dow Jones Newswires

December 10, 2025 19:15 ET (00:15 GMT)