Crypto Exchange Gemini Ousts Executives, Cuts Staff
Cryptocurrency exchange Gemini has ousted its COO, CFO, and Chief Legal Officer and enacted a 25% staff reduction following a costly international exit. The restructuring comes after its September IPO and amid a downturn in digital asset markets, with the company forecasting a pre-tax loss of up to $267 million for 2025.
- The international exit involves winding down operations in the United Kingdom, the European Union, and Australia to refocus on the U.S. and Singapore. This move is expected to incur approximately $11 million in pre-tax restructuring charges. - The departing executives are Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade. Co-founder Cameron Winklevoss will absorb the COO's revenue-generating duties, while interim replacements have been named for the CFO and CLO positions. - Following the announcements, Gemini's stock (GEMI) fell sharply, trading around $6.61, a decline of approximately 75% from its $28 IPO price in September 2025. - For the 2025 fiscal year, Gemini reported an estimated net loss ranging from $587 million to $602 million. This was despite a 17% year-over-year increase in monthly transacting users to roughly 600,000. - The restructuring is part of a new "Gemini 2.0" strategy which includes a greater focus on artificial intelligence and the growth of its "Gemini Predictions" platform. - The broader "crypto winter" has seen the price of Bitcoin fall by roughly 50% from its peak of $126,000 in October 2025 to around $66,000 in February 2026.
