Winklevoss Twins Move $130 Million in Bitcoin to Gemini as Post-IPO Lock-Up Expires
Wallets identified by Arkham Intelligence as belonging to Cameron and Tyler Winklevoss, co-founders of crypto exchange Gemini, moved approximately 1,773 bitcoin to Gemini hot wallets between March 4 and this week, according to data flagged by Arkham on Tuesday, representing around $130 million at current prices.
Arkham said the moves were “presumably to sell,” though neither twin has publicly confirmed the purpose. Hot wallet deposits, transfers to exchange-connected wallets that are online and accessible for active trading, are a standard precursor to spot selling but do not confirm a completed sale; the funds could equally serve liquidity management, over-the-counter trades, or custody rebalancing.
Gemini’s total Bitcoin holdings remain stable at approximately 59,872 BTC. The transactions originated from Winklevoss Capital, the twins’ family office, at prices in the $67,000–$68,000 range before Bitcoin recovered above $70,000 this week.
Even after the transfer, the position remains substantial. Arkham puts their remaining Bitcoin at approximately $764 million, with a total estimated profit of around $1.8 billion measured against their known cost basis.
The Winklevosses began buying Bitcoin in 2012, partly with proceeds from the $65 million settlement from their legal dispute with Mark Zuckerberg over Facebook. At their peak they held roughly 1% of Bitcoin’s entire circulating supply.
The Lock-Up Context
The timing coincides with a significant date in Gemini’s corporate calendar. Gemini listed on the Nasdaq under the ticker GEMI in September 2025 after filing its S-1 registration statement in August, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor acting as lead bookrunners.
Standard lock-up agreements in US equity offerings bar insiders, founders, executives, major shareholders from selling stock for 180 days following a listing. For Gemini, that window expires this month. The Bitcoin transfers do not involve Gemini equity, but they arrive at the precise moment the founders regain full flexibility over their personal asset positions.
Gemini has had a turbulent few months. In February, the exchange lost three senior executives, cut roughly 25% of its workforce, and exited the EU, UK, and Australian markets, framing the moves as a pivot toward US prediction markets and AI-driven efficiency.
The stock (GEMI) fell to $5.82 on February 20 before recovering to around $8.71 at the most recent close, still down more than 15% year-to-date.
Separately, on-chain data shows flows between Gemini custody wallets and the VanEck Bitcoin ETF (HODL), reflecting the exchange’s custodian role for that product, distinct from the Winklevoss Capital transfers.
Public Optimism, Private Moves
The transfers sit in some tension with recent statements from both brothers. In September 2025, Tyler said Bitcoin could “easily” reach ten times its then-current price of $116,000. In November, Cameron called the multi-month correction a “final opportunity” to accumulate before Bitcoin passed $90,000 again.
Bitcoin is currently trading around $70,500, roughly 44% below its October 2025 all-time high of $126,198. Long-term bulls routinely trim positions during drawdowns, and neither statement rules out near-term selling.
But taken together with the Gemini retrenchment and the lock-up expiry this month, the wallet movements are drawing more scrutiny than a $130 million transfer would normally attract.
