Gemini executives collectively resign, Winklevoss takes back control of operations, potentially losing $600 million last year

Gemini’s Top Executives All Resign, Stock Plummets 12.9% in a Day, Initiates Layoffs and Overseas Retreat, Net Losses Expected to Near $600 Million in 2025

Core Management Team Resigns En Masse, GEMI Stock Price Tumbles

According to an 8-K filing received by the U.S. Securities and Exchange Commission (SEC) on February 17, Gemini (Gemini Space Station Inc.), a cryptocurrency exchange founded by the Winklevoss brothers, is experiencing an unprecedented leadership upheaval.

The company confirmed that Chief Operating Officer (COO) Marshall Beard, Chief Financial Officer (CFO) Dan Chen, and Chief Legal Officer (CLO) Tyler Meade, three key executives, immediately resigned on that day. This major personnel change sparked market concerns over internal management stability, causing Gemini’s stock listed on NASDAQ (NASDAQ: GEMI) to drop 12.9% that day, closing at $6.59.

Image source: Google Finance Gemini’s NASDAQ-listed stock (NASDAQ: GEMI) dropped 12.9% in a day, closing at $6.59

Market data shows that GEMI’s stock price once sharply fell from a midday high of $7.56, reflecting investors’ extreme unease over the collective vacancy of top executives. Since its IPO priced at $28 per share in September 2025, Gemini’s market capitalization has shrunk from its peak of $4.4 billion to the current $756 million, a 35% decline this year alone.

Bloomberg analyst James Seyffart commented that this leadership shakeup is a “major upheaval,” especially considering that just months after completing its IPO, the company experienced a collective departure of core executives—an extremely rare occurrence.

Although the company attempted to reassure the market in the filing, emphasizing that Marshall Beard’s resignation was not due to any operational, policy, or practical disputes, speculation about “internal discord” continues to circulate. Meanwhile, sources revealed that, in addition to these three key executives, a senior manager in Gemini’s Asia-Pacific region also left the company on Tuesday, indicating that the scope of this personnel upheaval may be broader than initially expected. The market is closely watching the subsequent transition process, which will directly influence investor confidence and support for the brand.

Winklevoss Twins Reassert Control, Cameron Winklevoss Takes on COO Role

Following the departure of the three core executives, Gemini announced interim replacements, demonstrating a move toward tighter control by the founding family. The company stated that there are no immediate plans to hire a new COO; instead, co-founder Cameron Winklevoss will personally assume the responsibilities of the former COO Marshall Beard, especially those related to revenue generation critical to the company’s survival.

This means Cameron Winklevoss, in addition to his current roles, will directly oversee daily operations of the exchange, further consolidating decision-making power within the core leadership circle.

For the vacant finance and legal positions, Gemini’s board appointed internal senior personnel as interim replacements. Danijela Stojanovic, who has served as Chief Accountant since May 2025, will temporarily assume the role of CFO. She is an experienced CPA who previously held key roles at Blue Apron and PwC. According to her employment contract, her salary will include a base of $450,000 plus 132,275 restricted stock units (RSUs) vesting over two years. The interim General Counsel position will be filled by Kate Freedman, the former Deputy General Counsel and Company Secretary.

Image source: LinkedIn Danijela Stojanovic, previously at Blue Apron and PwC

This personnel arrangement is interpreted by some analysts as part of a “Gemini 2.0 transformation plan.” In a blog post, the founders mentioned that the company is working to streamline administrative systems and focus resources on more efficient areas. Although the departing executives are expected to sign separation agreements and provide transitional support in the short term in exchange for compensation and benefits, the move of core operational responsibilities back to the founders signals that the company is entering a phase of intense internal restructuring and austerity.

Strategic Retreat: 25% Layoffs and Full Exit from Non-Core Overseas Markets

This sudden leadership upheaval aligns closely with Gemini’s “major international market retreat” strategy announced just 12 days earlier. The company confirmed it would shut down all cryptocurrency exchange operations in the UK, EU, and Australia, aiming to complete the divestment by the first half of 2026. Alongside this downsizing, Gemini launched a global workforce reduction of approximately 25%, affecting around 200 employees across the US, Europe, and Singapore offices.

In a blog post, the Winklevoss brothers admitted that overseas markets are highly competitive, and overly complex organizational structures and operational costs have made it difficult for the company’s dispersed investments in these regions to generate adequate returns.

They stated that demand in these foreign markets is insufficient to sustain current operating costs, leading to a “strategic contraction.” Gemini will withdraw all resources from international markets and focus future development on the US market and the emerging “Prediction Markets” platform.

This shift from a global footprint to a “deepening focus on the US” reflects a defensive transformation amid fierce market competition and cost pressures. Although the SEC rescinded some of its lawsuits against Gemini in January 2026 and regulatory environments have eased following political changes, Gemini’s operational efficiency has evidently become a pressing burden. By drastically reducing overseas operations and administrative expenses, the company aims to salvage its deteriorating financial situation. However, such a radical shift also indicates significant setbacks in international compliance and market expansion efforts.

Financial Data Dismal, 2025 Net Loss Expected to Reach $600 Million

According to Gemini’s preliminary financial forecast for 2025, released alongside the personnel changes, despite some growth in certain areas, the overall financial situation remains dire. Gemini projects that its net income for 2025 will be between $165 million and $175 million, up from $141 million in 2024, mainly driven by credit card services rather than core exchange trading fees.

However, this modest revenue growth cannot offset soaring expenses. Data shows that the company’s operating costs and expenses in 2025 will total approximately $530 million. This results in an adjusted EBITDA loss of about $260 million, with the total net loss for the year expected to be between $587 million and $602 million—close to $600 million.

This financial report reveals that, despite increasing monthly active users by 17% to 600,000 in 2025, Gemini faces a huge gap in monetization efficiency and cost control.

Less than a year after going public, Gemini has suffered a stock price decline of 86% from its IPO price, massive losses, and a disintegrating core team. Analysts generally believe that whether the new leadership can quickly regain investor trust and find profitable breakthroughs in emerging sectors like Prediction Markets will be crucial to Gemini’s survival.

For an exchange once regarded as a leader in the crypto industry, managing its bleeding and navigating the current turmoil has become its most urgent survival challenge in 2026.