--- title: "The Winklevoss Twins’ Crypto Company Is in Crisis After the Bitcoin Crash" description: "The Winklevoss twins' Gemini crypto exchange struggled to brace for bitcoin volatility, throwing up warning signs for the industry as a whole." date: "2026-02-24" modified: "2026-02-24" authors: - name: "Joe Wilkins" job_title: "Correspondent" link: "https://futurism.com/authors/jwilkins" url: "https://futurism.com/future-society/winklevoss-bitcoin-crypto-crash" categories: - "Bitcoin" - "Blockchain" - "Cryptocurrency" - "Future Society" --- # The Winklevoss Twins’ Crypto Company Is in Crisis After the Bitcoin Crash ![The Winklevoss twins are seated in white armchairs facing each other, engaged in conversation. The background features a large yellow Bitcoin symbol overlaid on an orange-tinted scene with palm trees. Both are dressed casually, one in a black shirt and the other in a white shirt, wearing dark pants and sneakers.]() *Illustration by Tag Hartman-Simkins / Futurism. Source: Marco Bello / AFP via Getty Images* America's favorite twins are struggling these days, as [Bitcoin's crash]() continues to hammer their decade-old crypto exchange, Gemini Space Station Inc. With Bitcoin down by [over 40 percent]() since its record highs in fall of 2025, [*Bloomberg* reports]() that shares for Cameron and Tyler Winklevoss' crypto marketplace have collapsed by more than 80 percent from their 2025 highs, wiping out over $3 billion in market value. The situation seems to be rattling the enterprise to its core, coming the same week that Gemini moved to kick its chief operating officer, financial officer, and legal officer to the curb. Earlier in February, the dynamic duo — both portrayed in 2010's "The Social Network" by Armie Hammer, back before we knew he was a [cannibalism fetishist]() — announced Gemini was slashing at least a [quarter of its total workforce]() and drawing down operations across the UK, Europe, and Australia. As it happened, the company went beyond its stated 25 percent reduction in headcount as it began cutting even more jobs in the US, *Bloomberg* reported. A peek under the hood at Gemini reveals that its spending has been growing far faster than its revenue. According to a [report filed last week](), the company's annual expenses grew to around $525 million in 2025, up from $308 million the year before. Net revenue, however, only came out to around $170 million, mostly driven by a new [credit card scheme](), and well short of what the company needs to break even, let alone carve out a profit. Keep in mind, even though Bitcoin started to tumble late into 2025, the crypto market had a [banner year]() as a whole. If the Winklevii couldn't make hay while the sun was shining on the best crypto market ever seen following the election of [industry super-ally Donald Trump](), it tracks that they wouldn't fare well when the wildly volatile digital currencies [inevitably experience]() a period of bust. All in all, the continual collapse of one of the longest-standing crypto exchanges is a major red flag for the "industry" writ large, and financial analysts aren't pulling their punches. "The biggest issue here is that Gemini's management team placed a big bet on the crypto bull market run continuing through 2027 and instead crypto asset prices have cratered," analysts at the investment bank Truist Securities wrote in a note Tuesday viewed by *Bloomberg*. "Their strategy needs to change." As for the [billionaire twins](), their work is just getting started. *Bloomberg* reports that Cameron Winklevoss — Gemini's president — will be assuming roles previously overseen by the erstwhile COO, and we can only assume that Tyler, the CEO, will be adding more to his plate as well. The two had previously [taken Gemini public]() on the Nasdaq Index in September, dazzling investors right before things began to turn ugly for crypto in October. As Truist analyst Matthew Coad told *Bloomberg*: "they made the wrong bet at the wrong time." **More on crypto:** *[If Bitcoin Keeps Tanking, It Could Cause a “Death Spiral” for the Entire Economy]()* ## Author At Futurism, I focus on the intersection of technology and power — examining the economics, history, and politics behind today’s dystopian headlines. As a writer, I’m interested in topics ranging from AI’s impact on labor to startups nobody asked for. My prior work includes bylines in Jacobin, Verso, and Blue Labyrinths. My work for Futurism has been cited by publications including Forbes, The Guardian, MIT Technology Review, Time, The Nation, Mother Jones, The Verge, and Wired. I grew up in Michigan, attending Central Michigan University as well as Ball State University, where I earned a master of music. I now live in Brooklyn with my girlfriend and our cat Ziti. On weekends, you can find me hunched over a cold pint arguing geopolitics with the other transplants. ### Author social links [Bluesky]()