The cryptocurrency exchange Gemini is facing a challenging situation due to a significant market downturn. Following its debut on Nasdaq in September 2025, the company’s shares have lost over 84% of their value, which has greatly impacted its financial condition and personnel policies.
This is reported by Business • Media
New Layoffs and Leadership Changes
In early February 2026, Gemini officially announced a 25% reduction in its workforce and completely exited the markets of the United Kingdom, European Union, and Australia. Subsequently, it was revealed that three key executives had been laid off: Chief Operating Officer Marshall Bird, Chief Financial Officer Dan Chen, and General Counsel Tyler Mead. The reasons for these personnel changes were initially not disclosed; however, sources indicate that the primary motive was the company’s financial difficulties.
The company does not plan to appoint a new Chief Financial Officer; the responsibilities have temporarily been taken over by Gemini co-founder Cameron Winklevoss. At the same time, according to new information, the layoffs have continued and have now affected the American divisions—the primary market for Gemini.
“The main issue here is that Gemini’s management made a significant bet on the continued growth of the cryptocurrency market until 2027, whereas crypto asset prices have collapsed,” stated a note from Truist Securities experts.
Financial Performance and Strategic Changes
According to Cantor Fitzgerald, in January 2026, Gemini’s share of the spot market decreased to 0.1%. Amid financial difficulties, the company’s founders, Tyler and Cameron Winklevoss, decided to pivot the business towards a new direction—the Titan prediction market.
It is worth noting that Gemini’s entry into the stock market in September 2025 preceded a massive sell-off of cryptocurrencies that began in early October. Despite the IPO initially being assessed by experts as successful, and the company raising its share price twice before the debut, the quotes soon began to decline sharply. According to TradingView, since its listing on Nasdaq, Gemini’s shares have fallen by over 84%.
The company’s market capitalization has shrunk from approximately $4 billion to $700 million. This trend has led to a reassessment of stock ratings: Truist Securities analyst Matthew Koad downgraded the rating to “hold” from “buy.”
In a report to the U.S. Securities and Exchange Commission, Gemini indicated an expected net revenue for 2026 of $165–175 million, exceeding the 2024 result ($141 million). At the same time, the company’s expenses have also increased—from $308 million to $520–530 million. Against this backdrop, the share price continues to decline: in pre-market trading, it fell from $5.87 to $5.78.
