The SEC first began investigating Gemini nearly two years ago. In January 2023, the agency accused the company, along with its business partner Genesis Global Capital, of offering unregistered securities through Gemini’s Earn program.
The two hardest-hit funds were Fidelity’s Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT). FBTC lost $344.65 million, while IBIT saw an outflow of $164.3 million.
Strategy (formerly MicroStrategy) has made its largest $BTC purchase of 2025, buying over 20,000 $BTC for nearly $2 billion.