Gemini's prediction market shows that prediction market adoption is growing as CFTC’s Michael Selig said this week that it won't sit still as states are filing lawsuits on prediction markets.
- Gemini (GEMI) shares rose in after-hours trading after closing down 3% in the regular session.
- Traders on Gemini’s prediction platform priced a 72% probability that New York City records more than 15 inches of snow this month.
- Polymarket Builders reported $125 million in weekly volume, marking three consecutive weeks above $100 million as activity in event-driven markets expanded.
Gemini Space Station Inc. (GEMI) shares traded higher in after-hours trading on Sunday after the company’s prediction platform posted updated snowfall odds for New York City.
Gemini Predictions, the company’s event-based trading platform, said that market participants assigned a 72% probability that New York City would record more than 15 inches of snow in February.
The post was then shared by co-founders, Tyler and Cameron Winklevoss, with Cameron Winklevoss writing “bomb cyclone incoming!” in a post on X.
Gemini Space Station Inc. (GEMI) was trading at $5.87, up 0.85% in the after-hours, on Sunday. The stock closed at $5.82 on Friday, down 3% during regular trading. On Stockwits, the retail sentiment around GEMI remained in the ‘extremely bullish’ territory, as chatter around it also remained at ‘extremely high’ levels over the past day.
The decline in stock prices came amid a broader pullback in Bitcoin (BTC) prices, which remained in the $60,000 range. On Friday, Gemini also disclosed an SEC filing outlining preliminary estimates for its 2025 earnings. On the same day, three company core members resigned from office, effective immediately.
Prediction Market Activity Expands
Gemini’s prediction market is part of the larger adoption of prediction markets. Last week, CFTC Chairman Michael Selig said that the organization won’t sit idly as many states have been targeting prediction markets like Polymarket.
However, it has not impacted trading on the platform. Polymarket Builders’ weekly trading volume reached $125 million over the past week, marking the third consecutive week above the $100 million threshold, according to an analyst at Dune. Polymarket Builders are third-party teams that create and operate markets on the Polymarket, the largest prediction market. The number of weekly trading addresses exceeded 10,000 for the second straight week.
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