Gemini, the exchange founded by Cameron and Tyler Winklevoss, has built a corporate bitcoin treasury of 5,528 BTC, worth roughly $324 million at current prices.
About 80% of that position was financed by borrowing from the twins themselves, meaning the founders are lending bitcoin to their own company to expand its balance sheet.
How the numbers stack up
On-chain activity from Winklevoss Capital, the twins’ personal investment vehicle, appears to back up the buildup.
In April 2026, roughly 572 BTC worth about $43 million moved to Gemini custody addresses, suggesting the treasury expansion is an ongoing process rather than a one-off purchase.
Gemini Space Station, a publicly associated entity tied to the exchange, separately holds somewhere between 3,839 and 4,827 BTC, valued between $240 million and $306 million.
Combined, the Gemini-affiliated ecosystem’s total exposure could sit north of $500 million, though it remains unclear how much of these positions overlap.
The founder-lending dynamic
The arrangement leaves Cameron and Tyler Winklevoss as Gemini’s controlling shareholders, its loudest public advocates, and now its largest bitcoin creditors all at once.
If the twins ever called those loans back, or if market conditions forced a restructuring, the exchange’s treasury position could shift dramatically overnight.
Questions over disclosure
Gemini has weathered plenty of turbulence in recent years, including the collapse of its Gemini Earn program and regulatory scrutiny from multiple agencies.
The 5,528 BTC figure and the specifics of the Winklevoss lending arrangement have not been widely detailed in mainstream financial media, raising questions about transparency.
The move places Gemini alongside a growing list of companies holding bitcoin as a reserve asset rather than simply a product to sell to customers.
