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Cameron and Tyler Winklevoss are among the most influential names in cryptocurrency, largely because they bet big on bitcoin before it was cool and used their fortune to legitimize the industry. From Harvard rowing lanes to the front lines of digital finance, they are helping to shape the future of regulation in the industry.
Here’s how the Winklevoss twins became today’s crypto powerhouses, the controversies they’ve faced, and why their influence still matters in the mid-2020s.
Key Takeaways
- The Winklevoss twins are early bitcoin investors, co-founders of the Gemini exchange, and major players in the push for mainstream crypto adoption.
- Their influence extends from their bitcoin holdings to their advocacy for crypto-friendly regulations and new crypto products.
From Harvard to Bitcoin: The Winklevoss Origin Story
Cameron and Tyler Winklevoss first made headlines for their legal battle with Mark Zuckerberg over Facebook’s (now part of Meta Platforms, Inc. [META]) origins—a dispute dramatized in the film The Social Network that was ultimately settled for $65 million.
After competing in the 2008 Beijing Games, they shifted their focus to technology and finance. The twins invested a significant portion of their Facebook settlement in bitcoin as early as 2012, when the cryptocurrency was still largely unknown.
Mustafa Ozer/Getty Images
Building Gemini: The Twins’ Bid for Crypto Legitimacy
In 2014, the twins launched Gemini, a cryptocurrency exchange designed to bridge the gap between Wall Street and digital assets. While most crypto exchanges operated in a regulatory gray area, Gemini has pursued a different path—actively seeking licenses and compliance frameworks that traditional financial institutions would recognize and accept.
By 2015, Gemini had become one of the first exchanges to be licensed by the New York Department of Financial Services. The exchange introduced features borrowed from traditional finance, including daily bitcoin auctions similar to stock market openings, as well as institutional-grade custody products. These moves attracted conservative investors who sought bitcoin exposure but feared the Wild West nature of early crypto platforms.
The twins’ regulatory-first approach extended beyond Gemini. The company filed the first-ever Bitcoin exchange-traded fund (ETF) application with the U.S. Securities and Exchange Commission in 2013, years before the concept gained mainstream traction. Although repeatedly rejected, their persistence helped normalize the idea of regulated crypto investment products, paving the way for the bitcoin ETFs that finally launched in 2024.
Tip
Despite major setbacks, including legal battles and failed ventures, their vision for bitcoin and Web3 remains a driving force in shaping the industry.
Bitcoin Holdings and Broader Investments
The twins’ Bitcoin holdings are legendary, with estimates suggesting they bought about 1% of all bitcoin in circulation by 2013, potentially over 70,000 BTC. Their influence goes beyond holding coins: through Winklevoss Capital, they’ve invested in more than 20 crypto projects, including ethereum, Filecoin, Tezos, and analytics firm Messari.
In addition, they often move markets and influence people’s minds through their public support and advocacy for bitcoin. For example, they’ve made headlines saying bitcoin could reach $1 million and that “orange is the new gold.”
Controversies and Challenges
Despite their successes, the Winklevoss twins have faced major crises. Gemini’s “Earn” program, which lets users lend crypto for higher returns, was hit hard during the 2022–2023 crypto loan crisis when partners like Genesis and BlockFi went bankrupt. This led to frozen customer funds, lawsuits, and regulatory scrutiny from the SEC and New York authorities, damaging Gemini’s reputation.
The twins also faced an investigation from the Commodity Futures Trading Commission over alleged misrepresentations related to Bitcoin futures contracts.
The Twins’ Political Turn and Influence
Even after their high-profile setbacks, Cameron and Tyler Winklevoss remain central figures in the cryptocurrency industry. At the Bitcoin Conference 2025, they called BTC a superior store of value over gold, sparking renewed market optimism and a spike in trading.
More significantly, they’ve emerged as key crypto advisors to the Trump administration. The twins were outspoken supporters of Trump’s bid for a second term, with each personally donating $1 million in Bitcoin to his campaign. They appeared at the White House when Trump hosted the first-ever crypto summit in March 2025. Their political engagement extends beyond donations. CNBC reported in April 2025 that the Winklevoss twins are founding members of a new private membership club in Washington, D.C., cofounded by Donald Trump Jr.
Meanwhile, the twins continue building their crypto empire. Gemini’s confidential IPO filing signals its ambition to take the exchange public, while ongoing investments and active policy discussions keep it at the forefront of crypto.
Bottom Line
The Winklevoss twins have transformed their $65 million Facebook settlement into a crypto empire worth billions. Despite setbacks like the Gemini Earn crisis, they’ve maintained their influence by evolving from crypto evangelists to Washington insiders advising the Trump administration. With Gemini’s IPO filing and their continued advocacy for bitcoin, the twins remain pivotal figures in shaping both the crypto business landscape and its regulatory future.
