Tyler Winklevoss says extreme fear makes him optimistic as Gemini restructures
Gemini co-founder Tyler Winklevoss says crypto sentiment is so negative that he feels “optimistic,” even as his exchange undergoes a significant restructuring. Onchain data from Arkham shows that a wallet linked to Winklevoss Capital reduced its Bitcoin holdings from roughly 23,000 BTC in February 2025 to fewer than 11,000 BTC in February 2026.
That steady reduction contrasts with Tyler’s public bullish tone, reports Cointelegraph.
Gemini’s latest SEC filing projects 2025 net revenue between $165 million and $175 million, up from $141 million in 2024, with about 600,000 monthly transacting users. However, operating expenses are expected to surge to between $520 million and $530 million, compared with $308 million a year earlier. In early February, Gemini announced plans to cut up to 25% of staff and exit the UK, EU and Australia to refocus on the US and Singapore. The company also parted ways with its chief operating officer, chief financial officer and chief legal officer, with Cameron Winklevoss assuming expanded responsibilities.
Shrinking market share and strategic pivot
Bloomberg reported that Gemini’s global spot market share fell to around 0.1% in January, down from 0.6% in June 2025. The exchange’s market value has reportedly dropped from nearly $4 billion to under $700 million since last year’s public listing. Citing sources familiar with the matter, the report said Gemini conducted additional US layoffs and is pivoting toward a CFTC-regulated prediction markets platform, along with custody and credit card services.
The company’s 8-K filing confirmed senior leadership changes and interim appointments in finance and legal roles. The shift suggests a move away from competing directly in crowded spot trading markets. Instead, Gemini appears to be targeting niche regulated products and ancillary services. Cointelegraph reached out to the company for comment on the reported layoffs, strategic changes and Bitcoin sales but had not received a response at publication.
Bleak sentiment weighs on the sector
Gemini’s reset comes as crypto markets face unusually weak sentiment. Bitcoin miners such as Bitdeer have liquidated parts of their BTC treasuries, and US spot Bitcoin ETFs have recorded five straight weeks of outflows. The Crypto Fear & Greed Index has fallen into extreme fear territory, while Google searches for “Bitcoin going to zero” have hit levels not seen since 2022. Despite the gloom, some high-profile investors remain committed.
Japan’s Metaplanet continues to add to its Bitcoin holdings, and Strategy, the largest publicly listed BTC holder with 717,131 coins, has hinted at its 100th purchase. Arthur Hayes remains heavily allocated to Bitcoin alongside gold and oil, while macro analyst Lyn Alden maintains a long position but expects a slower recovery. The divergence between public optimism and capital repositioning reflects a market still searching for direction.
Recently we wrote that the crypto market extended its decline, with total capitalization falling to roughly $2.25 trillion, down 3.56% over the past 24 hours.
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