2026-04-11 03:25:50

Due to a decline in market value, cryptocurrency exchange Gemini is considering converting the Winklevoss brothers' loans into equity.

Cryptocurrency exchange Gemini has lost over 50% of its market value this year and has laid off 30% of its staff.
Internal discussions are underway to request founders Tyler Winklevoss and Cameron Winklevoss to forgive their loans worth hundreds of millions of dollars to the company or to convert the debt into equity.
As of the end of December, Gemini owed 4,619 Bitcoins, valued at over $330 million at current prices.
Securities filing documents show that Gemini reported a loss of $585 million last year. Additionally, the company plans to exit the UK, EU, and Australian markets, with several executives having already left.
Currently, the Winklevoss brothers hold the majority of voting rights and have not yet commented on whether they support this plan.

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