(Updates with share movement in the headline and first paragraph, additional details on the investment in the last paragraph)

Gemini Space Station (GEMI) shares were up 25% in Friday's premarket activity after the company reported Q1 results that topped analyst estimates and disclosed a $100 million investment in the company.

The company reported a Q1 net loss late Thursday of $0.93 per diluted share, narrowing from a loss of $30.34 a year earlier. Analysts polled by FactSet expected a loss of $1.03.

Revenue for the three months ended March 31 was $50.3 million, up from $35.3 million a year earlier. Analysts surveyed by FactSet expected $47.9 million.

Additionally, Gemini said that founders Cameron and Tyler Winklevoss' venture capital firm, Winklevoss Capital Fund, has made a $100 million strategic investment in the company at $14 per share, with the consideration paid in bitcoin.