Cameron and Tyler Winklevoss transferred $130 million in bitcoin to hot wallets associated with their Gemini crypto exchange over the past week, a move that may signal potential sell-side positioning as their estimated bitcoin profit totals about $1.8 billion, blockchain analytics platform Arkham flagged on Tuesday.
The $130 million move to Gemini’s hot wallets was “presumably to sell,” Arkham said. The twins continue to hold $764 million in bitcoin following the transfers. Notably, the duo once owned 1% of bitcoin’s circulating supply, per Arkham.
The Winklevoss brothers originally acquired their bitcoin in April 2013, purchasing $11 million worth of the cryptocurrency at $120 per BTC using proceeds from a $65 million settlement in cash and Facebook stock awarded after their legal dispute with Mark Zuckerberg, according to a CNBC report. Their initial investment grew significantly over the following years, surpassing $1 billion in value by December 2017, when bitcoin traded toward $20,000 per coin.
The New York Times reported in 2017 that the duo had sold a portion of their holdings to launch Gemini, the cryptocurrency exchange that raised $425 million in its initial public offering in September 2025, pricing Class A shares at $28 each, above the anticipated range of $24 to $26.
Beyond their commercial ventures, the Winklevoss twins have also directed parts of their bitcoin holdings toward political contributions. In August 2025, Tyler and Cameron donated 188 BTC, valued at approximately $21 million at the time, to the Digital Freedom Fund PAC, a pro-Trump political action committee intended to support the midterm elections.
Other bitcoin movements
The Winklevoss activity coincides with a broader uptick in sovereign and institutional wallet movements over the last 24 hours. On Monday, Bhutan transferred 175 BTC, worth $11.85 million, marking the country’s largest move since a $6.8 million transfer last month. Arkham data shows Bhutan has moved roughly $42.5 million of bitcoin so far in 2026, with the government currently holding about 5,400 BTC, valued at $374 million.
Separately, South Korea’s Gwangju Prosecutors’ Office sold 320 bitcoin initially seized from a raid on a gambling platform, the office announced Tuesday. Prosecutors had lost the seized bitcoin last year in a phishing attack, but the hacker recently returned the assets to their wallet.
According to The Block’s BTC price page, bitcoin reclaimed the $70,000 level during Tuesday’s Asia session. The rally follows four consecutive sessions of depreciation driven by a strengthening U.S. dollar and heightened geopolitical risk.
The price action comes as the network recently surpassed the 20 million BTC mined milestone, leaving fewer than 1 million coins to be issued over the next 114 years.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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