TLDR
- Tyler Winklevoss expressed optimism even as crypto sentiment reached its lowest levels in years.
- Gemini projected higher revenue for 2025 but also reported sharply rising operating expenses.
- The exchange confirmed major layoffs and announced its exit from the United Kingdom, the European Union, and Australia.
- Gemini’s senior leadership saw rapid changes as several top executives departed.
- Onchain data showed that Winklevoss Capital reduced its Bitcoin holdings over the past year.
The crypto market faced heavy pressure, and yet Tyler Winklevoss projected confidence, and this came as Gemini confronted steep challenges, and investors tracked sharp shifts in its business. The exchange disclosed rising revenue forecasts but also soaring costs, and markets reacted as its leadership changed quickly. The developments unfolded while broad sentiment weakened, and traders watched sustained BTC selling across several known wallets.
Gemini restructuring accelerates
Gemini reported expected 2025 net revenue of up to $175 million, and the filing showed an increase from 2024. The exchange counted about 600,000 monthly transacting users, and this reflected a 17% yearly rise.
However, Gemini projected operating expenses above $520 million, and this suggested a sharp cost jump for the company. The firm then announced new cuts and said it would exit the United Kingdom, the European Union, and Australia.
Gemini confirmed that up to a quarter of its staff would leave, and it said the change would focus resources on the US and Singapore. The exchange later reported the departures of its chief operating officer, chief financial officer, and chief legal officer.
The 8-K filing stated that Cameron Winklevoss would assume expanded duties, and interim executives entered key roles. The company also moved internal teams as it prepared for its next phase.
Bitcoin exposure shifts
Onchain trackers reported that the Winklevoss Capital wallet lowered its Bitcoin holdings over the past year, and this reduction dropped the wallet to under 11,000 BTC. Analysts observed the slide from about 23,000 BTC in February 2025.
Crypto sentiment weakened as miners like Bitdeer sold their BTC reserves, and US spot Bitcoin ETFs logged outflows for five weeks. Search trends showed rising fear, and public data captured strong interest in “Bitcoin going to zero.”
A report by Bloomberg said Gemini’s spot market share fell to 0.1% in January, and this showed a drop from 0.6% in June 2025. The exchange’s market value fell below $700 million.
Sources told Bloomberg that Gemini trimmed more US staff, and the company prepared a pivot to a CFTC-regulated prediction markets platform. The firm also prioritized custody and card products.
Broader market positioning
Investors such as Japan’s Metaplanet stayed long BTC, and the company continued its accumulation strategy. Public filings showed the firm increased its exposure several times.
MicroStrategy remained the largest listed BTC owner with 717,131 BTC, and the company hinted at its next purchase. Traders monitored its moves as markets absorbed heavy selling elsewhere.
High-frequency trader Arthur Hayes shared his portfolio, and he held strong BTC positions. Macro analyst Lyn Alden also kept exposure, yet said she expected a slower market.
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