Winklevoss Twins Transfer $130 Million in Bitcoin as Gemini Faces Post-IPO Struggles

Recently, the Winklevoss brothers transferred approximately $130 million worth of Bitcoin to Gemini exchange's hot wallet, drawing widespread market attention. Some analysts interpret this move as a potential profit-taking operation, possibly linked to the ongoing operational pressures Gemini has faced since its IPO. It is estimated that the brothers still hold around 70,000 Bitcoins, valued at approximately $764 million. Since entering the market in 2013 with about $11 million, their cumulative gains have approached $1.8 billion. They began investing when Bitcoin's price was less than $120, and at their peak, they controlled nearly 1% of the total Bitcoin supply. Despite market speculation that their transfer signals a "market top," the twins have consistently maintained their long-term bullish stance. In September 2025, they publicly predicted that Bitcoin could surpass $1 million per coin within the next decade. Gemini went public on Nasdaq on September 12, 2025, under the ticker symbol GEMI, with an IPO price of $28. The stock price surged to $45.89 on its first day, briefly valuing the company at $3.3 billion. However, just six months later, the stock price had plummeted to around $8.70, a drop of over 76%, reducing its market capitalization to approximately $1 billion. In the first half of 2025, the company suffered losses of $283 million, forcing it to lay off 25% of its workforce. In early March 2026, the departure of three senior executives further dragged the stock price down by 13%. At the same time, Gemini is accelerating its strategic contraction, announcing that it will fully exit the UK, EU, and Australian markets on April 6, 2026, focusing on the US and Singapore. User accounts in the affected regions have been switched to withdrawal-only mode since March 5.

Despite facing numerous challenges, Gemini maintains a significant asset base: the platform holds over $21 billion in customer crypto assets, including approximately $14.8 billion in Bitcoin and $4.36 billion in Ethereum, with over 523,000 monthly active users and 10,000 institutional clients. However, its average daily spot trading volume in February 2026 was only about $29.4 million, far below that of leading industry platforms, reflecting a discrepancy between its market activity and scale. The company's next quarterly report is expected to be released in March 2026.