Gemini Secures CFTC License for Prediction Markets, Stock Jumps 13.7%
Gemini Space Station Inc. (GEMI) surged 13.7% in after-hours trading after its affiliate Gemini Titan received a Designated Contract Market (DCM) license from the CFTC. The approval enables the launch of prediction markets in the U.S., allowing binary event contracts where users speculate on future outcomes.
The five-year approval process, initiated in March 2020, marks Gemini's strategic pivot toward becoming a crypto 'super app.' The platform plans to expand into derivatives, including futures, options, and perpetual contracts—a move likely to intensify competition with established exchanges like Binance and Coinbase.
Market reaction was immediate: GEMI shares climbed to $12.92, reversing a 0.7% decline during regular trading. The license positions Gemini to capitalize on growing institutional interest in crypto-based financial instruments.
