Gemini Exchange Under Pressure: Winklevoss Debt, Buyer Talks & 80% Stock Losses

Major developments around Nasdaq-listed Gemini ($GEMI) that every crypto investor should watch 👇
1️⃣ Debt of 4,619 BTC
SEC 10-K filing confirms Gemini still owes Winklevoss Capital Fund (WCF) 4,619 $BTC worth nearly $400M at CMP. This loan has no fixed maturity date. WCF can demand repayment at any time with written notice.
2️⃣ Debt Forgiveness Plan (Bloomberg, April 11)
Gemini is now considering forgiving this founder loan and converting the debt into additional equity for the Winklevoss twins, who already control 94.7% of voting power after the IPO.
3️⃣ Buyers Surrounding Overseas Units
Potential buyers are targeting Gemini’s closed operations in the UK and EU, not for the business itself, but to acquire the MiCA (EU) and FCA (UK) licenses obtained after years of hard work.
4️⃣ Operational Reset
✅ ~25% reduction in workforce (Feb 2026)
✅ Exit from UK, EU, Australia markets
✅ COO, CFO, CLO all leave in February
✅ $585M losses reported for 2024
✅ Class action lawsuit filed by investors
5️⃣ Stock Reality Check
$GEMI IPO Price: $28 (Sept 2025)
Current price: ~$4.87
Drop: over 80% from IPO
Market capitalization plummeted from $3.8 billion to ~$520 million
$BTC