Winklevoss upbeat as Gemini restructures

The pullback comes after Gemini disclosed plans on Feb. 5 to cut up to a quarter of its workforce and wind down operations in the United Kingdom, the European Union and Australia, concentrating on the U.S. and Singapore. Less than two weeks later, the company disclosed that its chief operating officer, chief financial officer and chief legal officer had departed, with Cameron Winklevoss taking on additional responsibilities and interim executives stepping into finance and legal leadership roles.

On-chain data cited in the report show a wallet labeled as linked to Winklevoss Capital reducing its Bitcoin holdings from about 23,000 BTC in February 2025 to fewer than 11,000 BTC in February 2026, a drop of more than 12,000 BTC over 12 months. The same report paired that steady reduction with Winklevoss’ public comments about sentiment, framing the divergence as a notable contrast between positioning and rhetoric.

Gemini’s restructuring has been unfolding against a weak tape across crypto markets. Bitcoin was trading around $66,186 on Feb. 23, down about 2.9% on the day, with an intraday range of roughly $64,388 to $68,204, based on CRYPTO market data. The report also described the broader mood as “extreme fear,” citing the Crypto Fear & Greed Index and a rise in search interest for “Bitcoin going to zero,” alongside a stretch of weekly net outflows from U.S.-listed spot Bitcoin ETFs. 

In filings referenced in the report, Gemini also laid out a financial picture that puts the cost cuts in context. The company disclosed expected 2025 net revenue of $165 million to $175 million, up from $141 million in 2024, and said monthly transacting users were about 600,000, a 17% year-on-year increase. At the same time, it projected operating expenses of $520 million to $530 million, compared with $308 million a year earlier, underscoring how costs outpaced revenue growth.

The Feb. 5 plan to reduce headcount and exit markets was presented as a strategic narrowing of footprint. The company said the workforce reduction would affect as many as 200 employees, roughly 25% of its global staff, and that the wind-down of certain regions would be completed by mid-2026, subject to local legal and consultation processes, with restructuring charges expected as part of the shift.

The report also pointed to market-share pressures. It cited spot market share falling to around 0.1% of global spot crypto trading in January, from about 0.6% in June 2025, and described a sharp decline in market value since the prior year’s public listing. The same account said the company has been increasingly focused on a U.S. pivot, including a push toward a Commodity Futures Trading Commission-regulated prediction markets product, alongside custody and credit card services.

Winklevoss’ sentiment comments landed amid a wider set of liquidity and treasury adjustments across the sector, the report said, pointing to miners that have sold down Bitcoin reserves and to the recent pattern of spot Bitcoin ETF outflows. It also contrasted the mood with continued accumulation by some public-company Bitcoin treasuries, highlighting that positioning across major players has been mixed as prices have remained volatile.