Gemini Faces Major Reset as Winklevoss Stays Bullish Amid BTC Sales

• Gemini cuts jobs as Bitcoin holdings drop sharply
• Winklevoss stays optimistic despite market share collapse
• Operating costs surge even as revenue shows growth

Gemini is undergoing a significant restructuring phase even as co-founder Tyler Winklevoss expresses optimism about the crypto market. According to current sentiment across digital assets is so negative that it makes him optimistic about prospects. His comments come while the exchange and its affiliated investment arm implement major operational and portfolio adjustments.

On-chain data from Arkham shows that Winklevoss Capital has reduced its Bitcoin exposure over the past year. The wallet held approximately 23,000 BTC in February 2025. By February 2026, that balance had fallen to fewer than 11,000 BTC. Bitcoin traded near $66,254 during the referenced period.

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Revenue Growth Fails to Offset Rising Costs

Gemini’s latest filing with the US Securities and Exchange Commission presents a mixed financial outlook. The company expects net revenue between $165 million and $175 million for 2025. That projection represents an increase from $141 million recorded in 2024. Monthly transacting users reached about 600,000, marking a 17% year over year increase.

However, operating expenses have risen sharply. Projected costs now range between $520 million and $530 million. In comparison, expenses stood at $308 million a year earlier. Consequently, the company has moved to reduce costs and streamline operations.

Earlier in February, Gemini announced plans to cut up to a quarter of its workforce. Additionally, the exchange exited the United Kingdom, the European Union and Australia. Management stated it would concentrate operations in the United States and Singapore. Less than two weeks later, Gemini confirmed the departures of its chief operating officer, chief financial officer and chief legal officer. Cameron Winklevoss assumed additional responsibilities following the executive changes.

Market Share Declines as Gemini Shifts Strategic Focus

According to a Bloomberg report citing people familiar with the matter, Gemini’s global spot market share declined to around 0.1% in January. That figure stood near 0.6% in June 2025. Moreover, the company’s market value has fallen from almost $4 billion to under $700 million since its public listing last year.

Bloomberg also reported additional layoffs within the United States. Furthermore, the exchange is pivoting toward a Commodity Futures Trading Commission-regulated prediction markets platform. Gemini is also focusing on expanding custody services and credit card offerings. An 8 K filing confirmed senior leadership changes and interim appointments to financial and legal roles.

Bleak Market Sentiment Adds External Pressure

Meanwhile, broader market conditions remain under pressure. Several Bitcoin miners have liquidated treasury holdings. US spot Bitcoin ETFs have experienced consecutive weeks of outflows. The Crypto Fear and Greed Index has entered extreme fear territory. Google searches for Bitcoin going to zero have reached their highest levels since 2022.

Despite these developments, some market participants continue accumulating Bitcoin. Japan’s Metaplanet has maintained its acquisition strategy. Strategy remains the largest publicly listed holder with 717,131 BTC. Arthur Hayes also disclosed significant Bitcoin exposure alongside other assets.

Conclusion

Gemini continues restructuring amid declining market share and rising costs. Nevertheless, Tyler Winklevoss maintains that deeply negative crypto sentiment strengthens his optimism.

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