Gemini Plans Major Restructuring as Winklevoss Capital Cuts Bitcoin Holdings From 23K to Below 11K

Winklevoss Capital has reduced its Bitcoin holdings from about 23,000 BTC in February 2025 to less than 11,000 BTC by February 2026, based on onchain wallet data from Arkham, even as Tyler Winklevoss publicly framed extreme market pessimism as a potentially bullish contrarian signal. Over roughly the same period, Gemini's SEC filing projected net revenue of $165 million to $175 million in 2025, up from $141 million in 2024, alongside around 600,000 monthly transacting users and 17 percent year-on-year growth, but also forecast operating expenses of $520 million to $530 million versus $308 million the prior year, highlighting rising cost pressures and prompting a senior leadership reshuffle. Gemini said on February 5 that it would cut about one quarter of its staff and withdraw from the United Kingdom, the European Union, and Australia to concentrate on the US and Singapore, while a Bloomberg report noted its global spot crypto trading share slipped from around 0.6% in June 2025 to about 0.1% in January and its market value fell from nearly $4 billion to below $700 million after listing, as the company pivots toward a CFTC-regulated prediction markets platform plus custody and credit card services. The restructuring is unfolding amid what reports describe as extreme fear in the broader crypto market, with miners such as Bitdeer selling BTC and US spot Bitcoin ETFs seeing weeks of outflows, even as firms like Metaplanet, Strategy with 717,131 BTC, and Arthur Hayes continue to emphasize Bitcoin within their strategies.