Tyler Winklevoss ‘Optimistic’ as Gemini Cuts Jobs and Sells BTC
Despite public optimism, Gemini is cutting staff, exiting global markets, and Winklevoss Capital has been selling Bitcoin amid bleak market sentiment.Summary
Gemini co-founder Tyler Winklevoss expressed optimism despite severe market conditions forcing the exchange into a major reset, including job cuts and exiting the UK, EU, and Australia to focus on the US and Singapore. Concurrently, onchain data suggests Winklevoss Capital has significantly reduced its Bitcoin holdings over the past year. Gemini's recent SEC filing projects revenue growth for 2025 but shows operating expenses soaring, alongside a sharp decline in spot market share to about 0.1% globally. The company is reportedly pivoting toward a CFTC-regulated prediction markets platform, custody, and credit card services, following executive departures. This restructuring occurs while broader crypto sentiment is extremely negative, evidenced by falling Fear & Greed Index scores and increased searches for "Bitcoin going to zero."
(Source：Cointelegraph)