Last updated on March 10th, 2026 at 11:54 am
Crypto exchange executive Tyler Winklevoss says he feels “optimistic” precisely because sentiment across the digital asset market has turned so negative, even as his own firm undergoes sweeping changes and associated wallets reduce Bitcoin exposure.
On-chain data tracked by Arkham indicates that wallets linked to Winklevoss Capital have cut their Bitcoin holdings significantly over the past year. Balances have reportedly dropped from around 23,000 BTC in February 2025 to fewer than 11,000 BTC as of February 2026, suggesting steady distribution during a challenging market cycle.
the sentiment in crypto right now is so bad that I’m actually pretty optimistic
— Tyler Winklevoss (@tyler) February 23, 2026
Gemini faces reset amid rising costs
The remarks come as Gemini, the exchange Tyler runs alongside his brother Cameron Winklevoss, moves through a major restructuring phase. A recent filing with the U.S. Securities and Exchange Commission projects 2025 net revenue between $165 million and $175 million, up from $141 million in 2024, with roughly 600,000 monthly transacting users, a 17% annual increase.
However, operating expenses are expected to surge to as much as $530 million, compared with $308 million a year earlier, underscoring mounting cost pressures.
Earlier this month, Gemini said it would cut up to 25% of its workforce and exit the UK, EU and Australian markets to refocus on the United States and Singapore. The company also confirmed the departures of its chief operating officer, chief financial officer and chief legal officer, with Cameron Winklevoss stepping into expanded oversight while interim executives fill key roles.
Market share slides as Strategy shifts
According to a report by Bloomberg, Gemini’s share of global spot crypto trading has fallen sharply from about 0.6% in mid-2025 to roughly 0.1% in January. Its valuation has reportedly dropped from nearly $4 billion following its public listing to under $700 million.
Sources cited by Bloomberg say the firm is pivoting toward a platform regulated by the Commodity Futures Trading Commission, focused on prediction markets, alongside custody and credit card services.
The restructuring unfolds amid widespread market gloom. Yet some high-profile investors remain committed to Bitcoin, including Japan’s Metaplanet and US treasury heavyweight Strategy, signalling that conviction persists despite the downturn.
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