About 572 bitcoins worth $42.77 million have been moved from a Gemini hot wallet to wallets owned by Winklevoss Capital and deplunge in the past 24 hours, according to Arkham Intelligence data, the first significant transfers to the fund’s addresses in over a month.
The transfers came in two batches. One at 372 BTC and one at 200 BTC about 11 hours later. Both moved from addresses marked by Arkham as belonging to the crypto exchange to addresses marked as Winklevoss Capital and Gemini Custody.
Winklevoss Capital now holds 9,328 BTC worth $689 million across 128 tracked addresses, up from about 8,800 BTC after a $128.5 million deposit into Gemini about a month ago that brought holdings to their lowest level since 2012.
It also has 70,588 ETH worth $163.7 million, bringing its total tracked portfolio to approximately $853 million, the Arkham data shows.
The onchain data shows the direction of movement, not the intent. The transfers could reflect new purchases, internal rebalancing between Gemini’s exchange and custody infrastructure, or a partial reversal of last month’s deposit.
The Gemini Space Station (GEMI), founded by Tyler and Cameron Winklevoss, has faced increasing financial pressure this year.
Bloomberg reported last week that the company has lost more than half of its market value by 2026, cut 30% of its workforce and exited markets including the UK, EU and Australia.
The Winklevoss brothers have about $330 million in outstanding bitcoin-denominated loans to the company, and one idea being discussed internally involves converting that debt into equity, Bloomberg said.
