Gemini Founding Twins Praise Bitcoin Then Secretly Dump Massive Holdings

▲ Gemini, the Winklevoss brothers, Bitcoin (BTC) / ChatGPT-generated image

Cryptocurrency exchange Gemini is facing a crisis as signs have emerged that the founders’ family has been selling Bitcoin (BTC), amid large-scale layoffs and withdrawals from overseas markets. The sales have drawn significant market attention as they appear to contradict the co-founders’ previously expressed optimism.

According to Cointelegraph on February 23 (local time), Gemini recently decided to cut 25% of its workforce and withdraw from the United Kingdom, European Union, and Australian markets. While the company described the move as a strategic decision to focus its capabilities on the United States and Singapore, concerns over a leadership vacuum are growing as key executives—including the Chief Operating Officer (COO), Chief Financial Officer (CFO), and Chief Legal Officer (CLO)—have stepped down in succession.

The company’s financial situation is also serious. Filings submitted to the U.S. Securities and Exchange Commission (SEC) show that while net revenue for 2025 is projected to reach between $165 million and $175 million, operating expenses are expected to total between $520 million and $530 million, making substantial losses inevitable. Its global spot trading market share, once at 0.6%, plunged to around 0.1% in January this year, while the company’s valuation has fallen from $4 billion last year to below $700 million.

According to data from on-chain analytics firm Arkham, Winklevoss Capital, the investment firm of co-founder Tyler Winklevoss and his family, has reduced its Bitcoin holdings by more than half over the past year. Holdings have declined from 23,000 BTC in February last year to fewer than 11,000 BTC currently. This move runs counter to Winklevoss’s public statements describing Bitcoin as “Gold 2.0” and expressing strong optimism.

In an effort to overcome the crisis, Gemini is attempting a strategic pivot toward a CFTC-regulated prediction market platform and custody services. Although Winklevoss maintains an optimistic outlook on the market, the actual asset sales raise questions about credibility. As executive departures and market share declines accelerate, the market is closely watching whether Gemini’s new strategy will translate into tangible results.

Gemini is also working to rebuild its presence in the Asia-Pacific region, using Singapore as its hub. However, facing the dual challenges of regulatory conflicts and a sharp decline in revenue, it appears unlikely that the company will regain its former standing in the short term. The future disposition of the remaining Bitcoin holdings owned by the Winklevoss brothers is emerging as a key variable directly tied to Gemini’s future.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on this information. The content should be interpreted for informational purposes only.