The cryptocurrency exchange Gemini continues to implement large-scale staff reductions amid a significant drop in stock prices and financial difficulties. Over 25% of employees were laid off in early February 2026, but the optimization process is not yet complete: the cuts have also affected the American staff, which is crucial for the company.
This is reported by Finway
Reasons for Layoffs and Changes in Gemini’s Management
Gemini officially announced a 25% workforce reduction in February and also reported a complete exit from the markets of the United Kingdom, European Union, and Australia. According to sources, the reason for these changes was financial complications. Three top executives also left the company: Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and General Counsel Tyler Mead. The responsibilities of the Chief Financial Officer will now be handled by co-founder Cameron Winklevoss, with no new candidates planned for recruitment.
“The main issue here is that Gemini’s management made a big bet on the continued growth of the cryptocurrency market until 2027, while instead, the prices of crypto assets collapsed,” stated a note from Truist Securities experts.
According to Cantor Fitzgerald, in January 2026, Gemini’s share of the spot market dropped to 0.1%. Amid the instability, the company’s founders Tyler and Cameron Winklevoss have focused on developing a new direction—a prediction market called Titan, hoping for a strategy update and maintaining competitiveness.
Stock Situation After IPO
Gemini debuted on the Nasdaq in September 2025, having raised the stock price twice before the launch. However, after the IPO and a sell-off in the cryptocurrency market in October, the stock price plummeted by over 84% from its initial level, according to TradingView. During this period, the company’s market capitalization shrank from about $4 billion to $700 million.
Financial experts have revised their assessments of Gemini’s securities. In particular, Matthew Koad from Truist Securities downgraded the company’s stock rating to “hold,” having previously recommended “buy.”
In a recent report to the SEC, Gemini reported expected net revenue of $165–175 million for the year, higher than the 2024 figure ($141 million). At the same time, the company’s expenses also increased—from $308 million to $520–530 million. Under these conditions, Gemini’s stock remains under pressure: in pre-market trading, its price fell from $5.87 to $5.78 per share.