Key Highlights
- Gemini cuts 25% of its workforce and exits key international markets including the UK, EU, and Australia, amid a sharp crypto market downturn.
- The company’s stock has fallen more than 80% from post-IPO highs, with expenses rising 70% last year while revenue grew just 17%, highlighting financial strain.
- To stabilize the business, Gemini is pivoting toward its custody services and newly launched prediction markets platform as the Winklevoss twins reshape the company’s strategy.
Cameron and Tyler Winklevoss, founders of Gemini Space Station Inc., are navigating a critical moment for their cryptocurrency exchange. Once celebrated as one of crypto’s longest-running exchanges, and among the first to secure major U.S. regulatory approvals, Gemini now faces a sharp downturn following a collapse in crypto markets.
According to Bloomberg, the company is cutting up to 25% of its staff, exiting the United Kingdom, European Union, and Australia entirely, and has seen its stock price fall more than 80% from its post-IPO highs, reducing its market value from nearly $4 billion to under $700 million.
Executive departures and additional staff cuts
In a dramatic reshuffle, Gemini recently parted ways with its Chief Operating Officer (COO) Marshall Beard, Chief Financial Officer (CFO) Dan Chen, and Chief Legal Officer (CLO) Tyler Meade—all in a single day. Sources familiar with the matter told Bloomberg that these executive departures were partly driven by cost-cutting efforts.
In addition to the 25% workforce reduction announced earlier, the company has quietly let go of more U.S. staff in recent days. The moves come as management confronts rising expenses and shrinking revenue, with little room for error.
Analysts Matthew Coad, Lucas Ramadan, and Cameron MacLeod of Truist Securities stated, “The biggest issue here is that Gemini’s management team placed a big bet on the crypto bull market run continuing through 2027 and instead crypto asset prices have cratered.” Coad also highlighted, “Their strategy needs to change.”
Lagging market share and revenue pressure
Despite its long presence in the industry, Gemini has never been a market leader. Cantor Fitzgerald data shows the exchange handled only 0.1% of global spot crypto trading in January, down from 0.6% in June 2025.
Financial filings show that Gemini’s expenses rose roughly 70% last year, while net revenue grew just 17%. The international markets the company is exiting generated about 15% of revenue in the first nine months of 2025, illustrating the impact of its retrenchment.
Pivot toward custody services and prediction markets
Facing evaporating revenue and high operating costs, the Winklevoss twins are signaling a shift in focus. Internally, Gemini is placing increased emphasis on its custody business and its newly launched prediction markets platform, according to a source familiar with the company.
These areas are considered critical to the company’s next stage, though they are competitive and have their own regulatory challenges.
Mizuho analysts, who maintain an “outperform” rating on Gemini, framed the layoffs and international exits as “necessary surgery” to accelerate the company’s path to profitability.
They noted that Gemini’s custody business and its new prediction markets platform are areas where the company has a strong footing and can potentially rebuild its operations.
International expansion reversed
The decision to exit the UK, EU, and Australia came as a shock to the market. Just a few months ago, Gemini had opened a notable office on London’s Carnaby Street and spent much of 2025 securing the licenses it needed to operate across the European Union.
Now, the company’s sudden exit from these regions shows the real pressure it is under and highlights just how volatile the crypto market can be.
Looking ahead
Gemini has so far remained silent about its restructuring. Going forward, the Winklevoss twins will need to find the right balance between cutting costs and investing in key areas such as custody services and their new prediction markets platform.
The way they handle this could decide whether Gemini bounces back from the recent slump or runs into further problems.
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