Winklevoss Capital moved 572 bitcoin, valued at approximately $42.8 million, from a Gemini hot wallet into custody addresses over a 17-hour period.
According to data from Arkham Intelligence, the transfers occurred in two separate batches. The first transaction involved 372 BTC, followed by a second transfer of 200 BTC roughly 11 hours later.
This movement represents the first significant inflow into the fund's addresses in more than a month. The recent activity follows a period where the fund's holdings dropped to their lowest level since 2012.
Arkham data shows the transfers moved from addresses tagged as belonging to the Gemini crypto exchange to wallets tagged for Winklevoss Capital and Gemini Custody. The onchain data tracks the direction of movement but does not specify the intent behind the transaction.
These transfers could indicate new purchases, internal rebalancing between Gemini's exchange and custody infrastructure, or a partial reversal of a $128.5 million deposit made last month, coindesk.com reported.
Gemini faces financial restructuring
The fund now holds 9,328 bitcoin and 70,588 ether across 128 tracked addresses. This brings the total onchain portfolio to roughly $853 million.
This capital movement occurs as Gemini Space Station, the exchange founded by Tyler and Cameron Winklevoss, faces significant financial pressure.
Bloomberg reported that the company has lost more than half its market value this year. The exchange has also cut 30% of its staff and exited several key markets, including the U.K., EU, and Australia.
The Winklevoss brothers hold roughly $330 million in outstanding bitcoin-denominated loans to the company. Bloomberg noted that the firm is currently weighing a plan to convert about $330 million of these insider bitcoin loans into equity.
