Bloomberg reports that Gemini Space Station Inc. is considering forgiving hundreds of millions of dollars in loans from co-founders Tyler and Cameron Winklevoss and potentially converting them into additional equity. Last year, Gemini incurred a loss of $585 million, carried a debt of 4,619 bitcoins worth over $330 million, laid off approximately 30% of its staff, and exited markets in the UK, EU, and Australia. The Winklevoss brothers control the majority of voting shares and have not yet indicated whether they support the plan.
Gemini Considers Converting the Winklevoss Brothers' Loan into Equity
AiCoinShare
Summary
Gemini is reportedly considering a plan to convert the Winklevoss brothers’ multi-million-dollar loan into equity, according to AiCoin. The exchange reported a $585 million loss last year, carries $330 million in Bitcoin debt, and has cut 30% of its staff while exiting key markets. The Winklevoss twins hold the majority of voting shares but have not responded. With the Fear & Greed Index signaling caution, altcoins to watch may experience shifts as Gemini’s capital structure evolves.
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