Gemini co-founder Tyler Winklevoss says crypto sentiment is so dangerous he’s “optimistic,” although the change he runs along with his brother Cameron is pressured into a pointy reset and Winklevoss Capital seems to have been steadily promoting Bitcoin for the final 12 months.
Regardless of his public bullish sentiment, onchain trackers together with Arkham reveal that the Winklevoss Capital pockets has been decreasing its Bitcoin ($BTC) publicity over the previous 12 months, from about 23,000 $BTC in February 2025 to fewer than 11,000 $BTC in February 2026.
Gemini’s newest submitting with the US Securities and Alternate Fee (SEC) on Tuesday confirmed that it anticipated web income of between $165 million and $175 million for 2025, up from $141 million in 2024, with about 600,000 month-to-month transacting customers, a 17% 12 months‑on‑12 months improve.
Winklevoss Capital’s diminished $BTC stability. Supply: Arkham.
On the similar time, projected working bills have soared to between $520 million and $530 million, versus $308 million a 12 months earlier.
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On Feb. 5, Gemini introduced that it will reduce as much as 1 / 4 of its workers, exiting the UK, European Union and Australia to focus on the US and Singapore markets.
Lower than two weeks later, the corporate parted methods with its chief working officer, chief monetary officer and chief authorized officer, saying that Cameron Winkelvoss can be taking up extra duties.
Shrinking market share and strategic pivot
Based on a Sunday report by Bloomberg, Gemini’s spot market share shrank to round 0.1% of worldwide spot crypto buying and selling in January, down from 0.6% in June 2025, and its market worth has fallen from virtually $4 billion to underneath $700 million since final 12 months’s public itemizing.
Citing folks aware of the matter, Bloomberg reported that Gemini had let go of further US workers and was now targeted on a pivot towards a brand new Commodity Futures Buying and selling Fee (CFTC) regulated prediction markets platform, and custody and bank card companies.
The corporate’s 8‑Okay submitting confirmed the senior management shakeup and famous that Cameron Winklevoss would take up most of the outgoing chief working officer’s duties, whereas interim executives step into the chief monetary officer and common counsel roles.
Gemini’s 8-Okay submitting. Supply: SEC.
Cointelegraph reached out to Gemini to verify the reported further layoffs, strategic pivot and $BTC gross sales, however had not obtained a response by publication.
Bleak market sentiment piles on stress
Gemini’s restructuring comes towards a backdrop of unusually bleak sentiment throughout the crypto market.
Miners resembling Bitdeer have liquidated their $BTC treasuries, US-based spot Bitcoin ETFs have bled for the previous 5 weeks and well-liked sentiment gauges just like the Crypto Concern & Greed Index have sunk to excessive worry ranges, coinciding with Google searches for “Bitcoin going to zero” being at their highest since 2022.
Associated: Gemini exit a ‘blow for policymakers’ with UK crypto hub ambitions
A handful of excessive‑profile traders stay lengthy Bitcoin, nevertheless, together with Japan’s Metaplanet, which has repeatedly doubled down on its $BTC accumulation technique regardless of market circumstances, and US Bitcoin treasury pioneer Technique, the most important publicly listed proprietor of $BTC at 717,131, which hinted at its one hundredth Bitcoin purchase on Sunday.
Excessive-frequency dealer and BitMEX co-founder Arthur Hayes additionally posted his portfolio Monday. He stays closely weighted towards $BTC alongside gold, oil and different property, whereas macro analysts resembling Lyn Alden stay lengthy however count on a grinding market somewhat than a pointy rally within the close to time period.
Journal: Bitcoin’s ‘greatest bull catalyst’ can be Saylor’s liquidation — Santiment founder
