[DigitalToday reporter Jinju Hong] U.S. crypto exchange Gemini has put out an "optimistic" message despite a market downturn, but it is also selling bitcoin (BTC) and carrying out large-scale restructuring, the report showed.

On Feb. 23 local time, blockchain media outlet Cointelegraph reported that Gemini co-founder Tyler Winklevoss (타일러 윙클보스) recently assessed the market mood as "positive precisely because it is extremely negative."

On-chain data show a different trend. According to blockchain analytics firm Arkham Intelligence, bitcoin holdings in a Winklevoss Capital wallet fell from about 23,000 BTC in February 2025 to under 11,000 BTC in February 2026. That amounts to selling more than half over a year.

Financial indicators are also becoming more burdensome. Filings submitted to U.S. securities authorities showed Gemini's 2025 net revenue is expected to rise year on year to $165 million to $175 million. Monthly transacting users also grew 17 percent to about 600,000. Over the same period, operating expenses surged to $520 million to $530 million, sharply up from about $308 million a year earlier. The structure has intensified pressure on profitability.

The company has begun reshaping its business to cut costs. It announced in early February it would withdraw from the UK, European Union and Australian markets and focus on the United States and Singapore. It plans to cut up to 25 percent of its workforce, and the chief operating officer, chief financial officer and chief legal officer stepped down. Co-founder Cameron Winklevoss (카메론 윙클보스) is doubling as COO, and an interim CFO and a legal head have been appointed.

Market share also plunged. A Bloomberg report said Gemini's global spot trading share shrank to 0.1 percent in January this year from 0.6 percent in June 2025. It also reported the company's valuation fell from about $4 billion at one point to under $700 million.

Gemini is preparing a prediction-market platform under the U.S. Commodity Futures Trading Commission (CFTC) regulatory framework as a breakthrough, and it also plans to strengthen its custody and payment card businesses. The move suggests a shift in emphasis from an exchange-centered model to a strategy to diversify revenue.

The broader crypto market is also in a contraction phase. U.S. spot bitcoin exchange-traded funds (ETFs) logged outflows for a fifth straight week, and the Fear and Greed Index has entered the "extreme fear" zone. Japan's Metaplanet is increasing its bitcoin holdings, and former BitMEX chief executive Arthur Hayes is also maintaining his bitcoin weighting, with some investors sticking to long-term optimism.

Ultimately, the market is split on whether Gemini's optimism is a contrarian investment strategy or merely defensive rhetoric amid a crisis.