Insider: Gemini plans to convert the Winklevoss brothers’ ~$330 million loan into equity

According to Bloomberg, Gemini (GEMI), the cryptocurrency exchange founded by the Winklevoss twins, has seen its market value more than halved this year, with its stock price down over 50% year-to-date. The company has laid off approximately 30% of its workforce and exited major overseas markets including the UK, the EU, and Australia, significantly increasing its financial pressure. According to sources familiar with the matter, Gemini is internally discussing a proposal to request that its founder-twins waive—or convert into equity—the roughly $330 million in loans they extended to the company. These loans were primarily provided through Winklevoss Capital Fund LLC. As of December 31, 2025, Gemini still owed 4,619 bitcoins (valued at over $330 million at the time). As the company’s primary controlling shareholders, the twins’ approval of such a move would directly impact Gemini’s capital structure. Following the report’s publication, Gemini’s stock price surged nearly 9% temporarily, though it remains sharply down for the year. The company has previously weathered executive departures, a strategic pivot toward prediction markets, and shareholder lawsuits; this latest focus on loan restructuring further underscores the ongoing impact of the crypto winter on exchanges.