On-chain data from Arkham Intelligence reveals that 572 Bitcoin worth $42.77 million moved from Gemini hot wallets to addresses tagged as Winklevoss Capital and Gemini Custody over the past 24 hours. These are the first significant transfers into the fund's addresses in over a month.
The transfers occurred in two batches: 372 BTC first, followed by 200 BTC about 11 hours later. Both originated from exchange addresses and ended at Winklevoss Capital and custody wallets.
Winklevoss Capital now holds 9,328 BTC ($689 million) across 128 tracked addresses, up from roughly 8,800 BTC after a $128.5 million deposit into Gemini a month ago that had reduced holdings to their lowest level since 2012.
The fund also holds 70,588 ETH ($163.7 million), bringing its total tracked portfolio to approximately $853 million.
On-chain data shows movement, not 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. Arkham data only indicates the direction of movement, not the underlying purpose.
Gemini Space Station (GEMI), founded by Tyler and Cameron Winklevoss, has faced mounting financial pressure this year. Bloomberg reported last week that the company lost more than half its market value in 2026, cut 30% of its workforce, and exited markets including the U.K., EU, and Australia.
According to Bloomberg, the Winklevoss brothers have roughly $330 million in outstanding bitcoin-denominated loans to the company, and internal discussions include converting that debt into equity.