Important points
- Gemini shares soared in pre-market trading following the CFTC’s approval of derivatives trading.
- Regulatory approval will allow Gemini to expand beyond crypto services into prediction markets.
Shares of Gemini Space Station (GEMI) rose about 15% in pre-market trading today after the company received approval from the Commodity Futures Trading Commission to operate a derivatives exchange.
Gemini, founded by the Winklevoss brothers, will offer U.S. customers the ability to trade event contracts across economic, financial, political and sports predictions, according to Bloomberg.
The company is also looking to expand its derivatives products to include crypto futures, options and perpetual contracts.
Gemini started trading at around $37 on the Nasdaq in September, but has since fallen 69% amid a broader decline in crypto-centric stocks, according to data from Yahoo Finance.