Gemini Space Station Inc (GEMI) shares are flying high in extended trading Thursday after the company reported first-quarter results that topped expectations and announced a major investment from Winklevoss Capital Fund.

Here's what moved the needle: Q1 revenue came in at $50.27 million, beating the consensus estimate of $49.29 million. The loss per share was 93 cents, slightly better than the expected 96-cent loss. Total revenue jumped 42% year-over-year, fueled by strong growth in services and OTC revenue. Monthly transacting users hit 589,000, up 17% from a year ago. The company ended the quarter with $215.6 million in cash and cash equivalents.

But the real headline-grabber was the $100 million strategic investment from Winklevoss Capital Fund at $14 per share. That's more than double the current after-hours price of $5.97, suggesting the Winklevoss twins see massive upside.

"We believe the market has significantly undervalued Gemini, and that this investment will allow us to set up the company for its next phase of growth," said Tyler Winklevoss, CEO of Gemini.

Investors seemed to agree, sending shares up 13.51% in after-hours trading to $5.97 at the time of publication Thursday. Gemini Space Station executives will discuss the quarter in more detail on an earnings call at 8:30 a.m. ET on Friday.