Gemini co-founder Tyler Winklevoss says negative crypto market sentiment makes him “optimistic,” despite his exchange undergoing a major restructuring and his investment firm selling Bitcoin over the past year. Gemini is cutting staff, exiting several international markets, and has seen its market share and valuation plunge. The strategic shift comes as market sentiment remains bleak, with Bitcoin ETFs seeing outflows and miners selling reserves.
Tyler Winklevoss, co-founder of the Gemini exchange, stated publicly that poor crypto sentiment makes him optimistic. However, onchain trackers like Arkham reveal his firm’s Bitcoin holdings fell from roughly 23,000 BTC to under 11,000 in the past year.
Gemini’s latest SEC filing shows it expects 2025 net revenue between $165 million and $175 million. That marks an increase from the $141 million reported for 2024.
Its projected operating expenses have soared to between $520 million and $530 million. This compares to $308 million the previous year.
The exchange recently announced it would cut up to a quarter of its staff. It is also exiting the United Kingdom, European Union, and Australia to focus on the U.S. and Singapore.
Citing people familiar with the matter, a Bloomberg report said the company is pivoting toward new regulated prediction markets and custody services. Its spot market share reportedly shrank to around 0.1% in January, down from 0.6% in June 2025.
The company’s market value has fallen from almost $4 billion to under $700 million since its public listing. Its recent 8-K filing confirmed a senior leadership shakeup, with Cameron Winklevoss taking on more duties.
This restructuring occurs as overall crypto market sentiment remains unusually bleak. Miners have liquidated BTC, and U.S. spot Bitcoin ETFs have seen weeks of consecutive outflows.
A few high-profile investors remain long Bitcoin, including Japan’s Metaplanet and U.S. firm MicroStrategy. BitMEX co-founder Arthur Hayes also posted his portfolio, showing a heavy weighting toward BTC.
