Gemini Space Station bitcoin holdings
The Winklevoss exchange holds bitcoin the way an exchange does, accumulated from a decade of operating rather than raised and spent on coins.
Key figures
- Bitcoin held
- 3,839 BTC
- As of
- 2026-03-31
- Rank
- 24 of 165
- Value at current price
- $242.5M
- Share of 21 million
- 0.02%
Holdings over time
Cumulative bitcoin held after each disclosed event. The line steps rather than slopes because treasury positions change on purchase dates, not continuously.
Only a few disclosures are on file so far. The line joins the points we can source, and grows as more are published.
We do not yet have enough dated market cap points for Gemini Space Station to chart its valuation history. Rather than interpolate, we leave it out until the figures are filled in.
Every disclosure we have
| Date | Event | Change | Total held | Note | Source |
|---|---|---|---|---|---|
| 2026-03-31 | Sold | 3,839 | Q1 2026 Form 10-Q: 3,839 BTC at a fair value of 262.11 million dollars, about 988 BTC lower than at year end. | sec.gov | |
| 2025-12-31 | Reported | 4,827 | FY2025 Form 10-K: 4,827 BTC at a fair value of 420.64 million dollars, alongside 2,741 ETH. | sec.gov |
About Gemini Space Station
Gemini has run a crypto exchange and custodian since 2014, and its bitcoin came from operating that business rather than from any capital markets programme. There is no PIPE, no convertible and no at the market issuance behind the position, which makes it an unusual entry on a list dominated by companies that raised money specifically to buy coins.
It listed on Nasdaq in September 2025 at $28 per share, raising about $425 million, and disclosed its holdings publicly for the first time in the annual report that followed: 4,827 bitcoin at the end of 2025, alongside 2,741 ether. By 31 March 2026 that had fallen to 3,839 coins, a reduction of roughly 988 during a single quarter.
Much of the remainder is encumbered. Its second quarter filing describes coins restricted under related party lending agreements, bitcoin pledged as collateral for surety bonds tied to money transmitter licences, and 1,258 coins received as consideration for shares issued in a private placement to Winklevoss Capital Fund.
Frequently asked questions
Does Gemini hold anything other than bitcoin?
Yes. It held 2,741 ether at the end of 2025 and 2,517 at the end of the first quarter of 2026, so this is not a bitcoin only treasury. We track the bitcoin position.
Compared with its neighbours
Sources
Holdings figures and their dates come from the disclosures linked in the history table above. Read the full methodology.