The transfer from a Gemini Custody address is part of the firm’s periodic sales or donations from its 17,000 BTC reserve, according to monitoring data.
According to on-chain monitoring data, Winklevoss Capital transferred 350 BTC from a Gemini Custody address prior to a new asset listing on the Gemini exchange. This transaction is consistent with the firm's regular practice of selling or donating small portions of its 17,000 BTC reserve.