Winklevoss Twins Are Selling Bitcoin Again? Arkham Flags Big BTC Transfer to Gemini

Arkham’s data shows that their PnL on bitcoin has risen to $1.8 billion.

The Winklevoss twins, who have been predominantly vocal about Zcash and Cypherpunk lately, have made a large BTC transfer to the cryptocurrency exchange they co-founded a decade ago.

According to data from the analytics company Arkham, the $130 million transfer to Gemini’s hot wallets was done “presumably to sell.”

Their data further indicates that the brothers once owned roughly 1% of bitcoin’s supply. Previous reports suggested that they began buying BTC in 2011, purchasing $11 million in the cryptocurrency at $120 per unit from the $65 million they were awarded in cash and Facebook stock following a legal dispute with Mark Zuckerberg.

Although they reportedly sold a portion of their holdings to launch Gemini, their estimated PnL on bitcoin remains around $1.8 billion, Arkham added.

They have made several newsworthy donations over the years, including multi-million-dollar transfers of BTC to Donald Trump’s 2024 presidential campaign on the promise that he was pro-bitcoin, pro-crypto, and pro-business.

While championing for more privacy in the cryptocurrency industry, their focus has most recently switched toward Cypherpunk – a company dedicated to self-sovereignty.

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In the initial statement, the brothers said they will “execute on our mission by accumulating, building, and supporting privacy-protecting assets and technologies at a time when the world needs them more than ever.”

The latest press release shared by the company reads that Cypherpunk Technologies has invested $5 million into Zcash Open Development Lab (ZODL), which is its first tech investment outside of ZEC.