Gemini co-founder Tyler Winklevoss claims to feel optimistic amidst severe negativity within the cryptocurrency market. Even though he projects a positive outlook, the latest filings from the SEC, job cuts, and the public disclosures from Winklevoss Capital regarding their Bitcoin sales suggest otherwise.

Despite his public optimism, onchain analysis reveals that Winklevoss Capital has consistently been reducing its Bitcoin (BTC) holdings, going from about 23,000 BTC in February 2025 to fewer than 11,000 BTC a year later.

According to Gemini’s most recent SEC filing, which became public on Tuesday, the company anticipates net revenue between $165 million and $175 million for 2025, an increase from $141 million the previous year, with an estimated 600,000 active users monthly, signifying a 17% year-over-year growth.

Meanwhile, their projected operating costs have climbed substantially to between $520 million and $530 million compared to $308 million last year.

On February 5, Gemini announced a plan to reduce its workforce by up to a quarter, withdrawing from markets in the UK, European Union, and Australia to refocus efforts on the US and Singapore markets.

The company’s market presence has also diminished significantly, with its market share falling to around 0.1% of global spot crypto trades as of January, dropping from 0.6% in June 2025. Notably, its market valuation has plummeted from nearly $4 billion to below $700 million since the previous year’s public offering.

The restructuring comes as market sentiment remains extremely low. Despite some high-profile investors exhibiting continued investment in Bitcoin, significant market anxiety persists, contributing pressure on Gemini’s operations.