Tyler Winklevoss has struck an optimistic tone despite mounting challenges at Gemini and signs that his investment arm has been trimming Bitcoin exposure. He recently suggested that extreme pessimism across the crypto market makes him more constructive on long-term prospects, even as his company undergoes significant restructuring.
Onchain data indicates that Winklevoss Capital reduced its Bitcoin holdings from roughly 23,000 BTC in February 2025 to under 11,000 BTC by February 2026, reflecting a steady drawdown over the past year.
Gemini Financial Results and Leadership Changes
A recent filing with the SEC shows Gemini expects 2025 net revenue between $165 million and $175 million, up from $141 million in 2024. Monthly transacting users rose 17% year over year to about 600,000. However, projected operating expenses have surged to as much as $530 million, compared with $308 million a year earlier.
In February, Gemini cut up to a quarter of its workforce and exited the UK, EU and Australia to refocus on the US and Singapore. Senior executives, including the COO, CFO and chief legal officer, have also departed as the company pivots toward regulated prediction markets and custody services.
Market Sentiment and Competitive Landscape
Gemini’s spot trading market share has reportedly slipped sharply over the past year, underscoring intensifying competition. Broader crypto sentiment remains fragile, with exchange outflows, ETF redemptions and extreme fear indicators weighing on prices.
While some institutional players continue accumulating Bitcoin, Gemini’s reset highlights the strain facing exchanges navigating volatile markets and rising regulatory demands.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.