Gemini is undergoing significant restructuring as Winklevoss Capital reduces its Bitcoin holdings from 23,000 BTC to below 11,000 BTC over the past year, according to Arkham data. This reduction comes as Gemini projects $165 million to $175 million in revenue for 2025, but faces operating expenses exceeding $520 million. The company is cutting staff, exiting markets like the UK, EU, and Australia, and shifting focus to prediction markets and custody services. The restructuring includes a leadership shakeup, with Cameron Winklevoss taking on more responsibilities. Despite the bearish market sentiment, Tyler Winklevoss remains optimistic, viewing the pessimism as a potential bullish contrarian indicator. Meanwhile, Gemini's market share has declined, and its valuation has dropped from nearly $4 billion to under $700 million since its public listing. The company is now concentrating on the US and Singapore markets, aiming for clearer regulatory paths and stable revenue streams.