Pre-market Crypto Stock Concept Soars, GEMI Up Over 6%

**March 20 (The Block) — Gemini and its co-founders Tyler and Cameron Winklevoss face a class-action lawsuit filed Wednesday in the U.S. District Court for the Southern District of New York.** The complaint accuses the crypto exchange of making false or incomplete statements about its business strategy ahead of and following its September 2025 Nasdaq IPO, seeking damages for investors who purchased Gemini stock between the IPO and mid-February 2026. Gemini went public in September 2025, closing at $32 on its first day—but has since plummeted over 80%, finishing at $6.01 on Thursday. Plaintiffs allege the IPO offering framed Gemini as a growth-focused platform prioritizing monthly active user growth and international expansion, without disclosing preparations for a major strategic pivot. Earlier this February, Gemini rolled out its "Gemini 2.0" strategy: a shift to prediction market products, a 25% workforce reduction, and exits from markets including the UK, EU, and Australia—

On March 20th, per Onchain Lens monitoring, a newly created wallet withdrew 139,557 HYPE tokens from Gate, worth roughly $5.49 million.

March 20th — 1. DeFiance Capital CEO Arthur posted on X: “It’s now clear TACO (Trump Administration’s Change of Course) and Middle East de-escalation won’t happen soon — the U.S. and Israel are pressing Iran hard until it yields. Time will tell if this strategy works, but global supply chains could face further disruptions in the coming weeks.” 2. Axios reported citing four sources familiar with the matter: “The Trump administration is weighing occupying or blockading Iran’s Harzg Island to pressure Iran to reopen the Strait of Hormuz.”

**March 20th Flash Update** Per Hyperinsight monitoring, international oil prices spiked sharply during U.S. stock pre-market trading Wednesday. WTI crude has risen 3.2% cumulatively since 16:00 ET. The CL (WTI crude) contract on Hyperliquid also climbed in tandem, currently trading at $96.4. Whales with multi-million-dollar on-chain positions are all heavily shorting amid this rally—every one is sitting on unrealized losses. The largest on-chain CL position belongs to “US and UK Oil Bears” (0x985), holding a 20x leveraged short position. Its unrealized losses have widened to $1.43 million, with a position size of ~$24 million and an average entry price of $90.42.

**March 20 Update** Bitcoin has again surged past $71,000, per Decrypt, and is now retracing to roughly $70,547. The rebound follows U.S. Treasury Secretary Benson unveiling proposals to tackle soaring oil prices. Benson noted the U.S. is weighing partial sanctions exemptions for Iranian oil tankers already at sea, plus considering releases from strategic petroleum reserves. A day earlier, Brent crude briefly hit $119 a barrel after an attack on Persian Gulf energy facilities—pushing Bitcoin below $70,000 and triggering over $500 million in forced liquidations across crypto markets. Yet market participants remain cautious. Analysts warn oil could jump to $200 a barrel if the Strait of Hormuz—a critical global energy supply chokepoint—stays blocked long-term. GSR research analyst Carlos Guzman says Bitcoin’s price moves are a second-order effect of rising energy costs: Soaring prices may force the Fed to keep rates high longer, and high rates are generally negative for crypto, a

March 20: The Trump administration is weighing occupying or blockading Iran’s Qeshm Island to pressure Iran into reopening the Strait of Hormuz, per Axios.