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Tyler Winklevoss and Cameron Winklevoss, the billionaire co-founders of Gemini, recently transferred more than 1,700 Bitcoin to the trading platform.
The transaction, which occurred over the past week, has fueled speculation that the crypto billionaires may be preparing to sell part of their Bitcoin holdings.
Key Points
- Tyler Winklevoss and Cameron Winklevoss transferred 1,750 Bitcoin to hot wallets on Gemini, fueling speculation that the billionaires may be preparing to sell part of their holdings.
- The brothers have already moved over 2,500 $BTC to Gemini in recent weeks, suggesting a continued trend of trimming their Bitcoin holdings.
- Despite these transfers, the twins still hold more than $600 million worth of Bitcoin.
- Their massive Bitcoin stake dates back to 2013, when they invested about $11 million in $BTC.
Winklevoss Brothers Move 1,750 Bitcoin to Gemini
According to blockchain data from Arkham Intelligence, a wallet linked to the Winklevoss twins moved roughly 1,750 $BTC, worth about $130 million, to a Gemini hot wallet since last week.
The transfers occurred in two transactions. First, the wallet sent a small test transaction of 0.00191 $BTC. Shortly afterward, it moved the remaining 1,750 $BTC in a larger transfer.
Typically, transfers to exchange hot wallets precede trading activity, which has led analysts to speculate that the twins could be preparing to sell part of their Bitcoin holdings. However, it remains unclear whether the billionaires have already sold the Bitcoin or moved the funds to the exchange for other purposes.
Initial Investment in Bitcoin
Meanwhile, the Winklevoss twins rose to prominence in the crypto industry after investing heavily in Bitcoin during its early years. In 2013, they reportedly invested about $11 million in Bitcoin when it traded at around $120.
The purchase was partly funded with proceeds from a $65 million settlement with Mark Zuckerberg, the founder of Facebook. That investment positioned them among the largest individual Bitcoin holders at the time.
Over the years, the twins have periodically trimmed their holdings. For instance, reports indicate that they sold portions of their Bitcoin to help launch the Gemini crypto exchange. In addition, they have used some of their crypto wealth for political donations. In 2024, both brothers donated $1 million each to Donald Trump during the U.S. presidential campaign cycle.
Current Holdings
More recently, their wallet activity suggests continued selling. Over the past month, addresses linked to the twins have transferred more than 2,500 $BTC to Gemini, while receiving only 136 $BTC during the same period.
Despite these sales, the Winklevoss twins remain significant crypto holders. At press time, their known wallet held about 8,757 $BTC, valued at roughly $619 million, underscoring their continued exposure to Bitcoin. Additionally, they maintain a sizable position in Ethereum, holding approximately 70,588 ETH, valued at approximately $145 million.
Their latest transaction comes amid heightened volatility in the crypto market. Last week, Bitcoin traded around $66,000 amid intensified geopolitical tensions in the Middle East. However, the asset has since rebounded above the $70,000 level as market sentiment improved. At press time, Bitcoin trades at $70,700, up 0.45% over the past 24 hours.