Tyler Winklevoss Says Crypto “Feels So Bad It’s Bullish” — Even as Bitcoin Holdings Shrink

[etfs]

Tyler Winklevoss says crypto sentiment is so bleak that he’s turning optimistic — but on-chain data shows his investment vehicle has been steadily trimming Bitcoin exposure.

According to blockchain analytics platform Arkham Intelligence, Winklevoss Capital reduced its Bitcoin holdings from roughly 23,000 BTC in February 2025 to under 11,000 BTC by February 2026. The drawdown comes during one of the most pessimistic stretches in the digital asset market in recent years.

Meanwhile, crypto exchange Gemini, which Tyler runs with his brother Cameron Winklevoss, is undergoing a sharp reset.

In a recent filing with the U.S. Securities and Exchange Commission, Gemini projected 2025 net revenue between $165 million and $175 million — up from $141 million in 2024. Monthly transacting users climbed 17% year over year to around 600,000.

However, operating expenses are expected to balloon to between $520 million and $530 million, compared to $308 million the prior year — raising pressure on margins despite revenue growth.

The exchange also announced plans to cut up to 25% of its workforce and exit the UK, EU, and Australia, refocusing on the US and Singapore markets. Shortly after, Gemini parted ways with its chief operating officer, chief financial officer, and chief legal officer, with Cameron Winklevoss taking on expanded responsibilities.

[cryptohog]

nothing screams confidence like trimming from 23k btc to 11k btc