Key Takeaways
- Gemini stock surged in premarket trading following CFTC approval for derivatives exchange.
- Regulatory approval enables Gemini to expand into prediction markets beyond crypto services.
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Shares of Gemini Space Station (GEMI) jumped around 15% in premarket trading today after the company received approval from the Commodity Futures Trading Commission to operate a derivatives exchange.
According to Bloomberg, Gemini, founded by the Winklevoss twins, plans to offer US customers the ability to trade event contracts across economic, financial, political, and sports forecasts.
The company is also exploring the expansion of its derivatives offerings to include crypto futures, options, and perpetual contracts.
Gemini began trading on Nasdaq in September with shares opening around $37, but it has since slid 69% during a broader pullback in crypto-focused equities, Yahoo Finance data shows.
