Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has ousted its chief operating officer, chief financial officer and chief legal officer following a period of significant financial strain and workforce reductions, according to reports from multiple news outlets.
The moves come as Gemini navigates a steep downturn in the cryptocurrency market, exacerbated by a more than 40 percent decline in Bitcoin’s value since its peak in the fall of 2025. Bloomberg reported that shares of Gemini have plummeted over 80 percent from their 2025 highs, resulting in a loss of over $3 billion in market capitalization.
Earlier in February, the company announced plans to cut at least 25 percent of its workforce and withdraw operations from the United Kingdom, Europe, and Australia. Bloomberg subsequently reported that the actual workforce reduction exceeded the initially stated 25 percent, with further job cuts occurring within the United States.
Financial filings reveal a widening gap between Gemini’s expenses, and revenue. The company’s annual expenses rose to approximately $525 million in 2025, a substantial increase from $308 million the previous year. Although, net revenue only reached around $170 million, largely driven by a new credit card program, falling short of the level needed to achieve profitability.
Analysts at Truist Securities, in a note viewed by Bloomberg, attributed Gemini’s struggles to a miscalculation regarding the duration of the cryptocurrency bull market. “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,” they wrote. “Their strategy needs to change.”
Cameron Winklevoss, Gemini’s president, is now assuming the responsibilities previously held by the departing COO. The company went public on the Nasdaq Index in September, prior to the market downturn in October. Truist analyst Matthew Coad told Bloomberg that the company “made the wrong bet at the wrong time.”
