The investment firm Winklevoss Capital, owned by brothers Cameron and Tyler Winklevoss, has moved 572 BTC (equivalent to approximately $42.8 million) from the hot wallet of the cryptocurrency exchange Gemini to custodial addresses. This marks the first significant addition to their portfolio in the past month and partially offsets the previous outflow of bitcoins from the company’s accounts.
This is reported by Business • Media
Transaction Details and Portfolio Structure
The operation took place in two stages over the course of one day: initially, 372 BTC were transferred, followed by another 200 BTC approximately 11 hours later. The funds were moved from addresses associated with the Gemini exchange to the wallets of Winklevoss Capital and Gemini Custody.
After the transactions, Winklevoss Capital’s total portfolio is estimated to be around $858 million and includes:
- 9328 BTC (over $693 million);
- 70,588 ETH (nearly $165 million);
- other crypto assets.
“This operation coincided with layoffs and losses at the cryptocurrency exchange.”
A previous significant deposit of $128.5 million into Gemini led to a reduction in the bitcoin fund’s balance to its lowest level since 2012; however, the recent addition has partially restored the lost positions.
Gemini’s Financial Difficulties and Possible Steps
The transactions occur against the backdrop of a challenging financial situation at Gemini Space Station, founded by the Winklevoss brothers. According to official reports, the company lost over 50% of its market capitalization in 2026, reduced its workforce by 30%, and exited the markets of the United Kingdom, the European Union, and Australia.
Gemini’s financial condition is further complicated by losses: according to filings with regulators, the exchange remains unprofitable, having incurred losses of $585 million over the past year. A significant portion of these losses consists of unrealized losses from changes in the value of crypto assets.
Additional pressure comes from debt burdens: Gemini has approximately $330 million in debt in the form of bitcoin loans provided by the Winklevoss brothers through Winklevoss Capital. A debt restructuring option is currently being considered, including converting it into equity or partial write-offs; however, the final decision rests with the founders, who hold the majority of votes in the company.
On-chain data only allows for tracking the movement of funds but does not reveal the purpose of the transactions. Current transfers may indicate new investments in bitcoin, internal reallocations between the exchange and custodial services, or a partial return of assets following previous deposits.
It is worth noting that in March 2025, Gemini filed for an initial public offering in the United States, and prior to the start of trading on Nasdaq in September 2025, set the share price at $28, aiming to raise $425 million in investments.
