According to data from Arkham Intelligence, some 572 bitcoins worth $42.77 million were transferred from a Gemini hot wallet to wallets owned by Winklevoss Capital and custodial wallets in the last 24 hours, the first significant transfers to the fund’s addresses in more than a month.
The transfers occurred in two batches. One for 372 BTC and one for 200 BTC approximately 11 hours later. Both went from addresses labeled by Arkham as belonging to the crypto exchange to addresses labeled as Winklevoss Capital and Gemini Custody.
Winklevoss Capital now holds 9,328 BTC worth $689 million across 128 tracked addresses, up from around 8,800 BTC after a $128.5 million deposit into Gemini about a month ago, which brought holdings to their lowest level since 2012.
He also holds 70,588 ETH worth $163.7 million, bringing his total tracked portfolio to approximately $853 million, according to Arkham data.
On-chain data shows direction of movement, not intent. The transfers could reflect new purchases, an 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 lost more than half of its market value in 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 with the company, and one idea discussed internally is converting that debt into equity, Bloomberg said.
