Gemini Exchange Slashes 30% of Workforce Amid Mounting Losses and Market Pressures

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has cut approximately 30% of its workforce since January, reducing its total headcount to around 445 employees as of March 1. The reductions exceeded the 25% workforce reduction the company had initially disclosed earlier this year.

The layoffs coincided with a difficult fourth-quarter earnings report. Gemini posted a net loss of $140.8 million for Q4, a significant jump from the $27 million loss recorded during the same period the prior year. Despite this, revenue climbed nearly 40% year-over-year to $60.3 million, outpacing analyst forecasts of roughly $50 million. For the full year 2025, cumulative losses reached $585 million, largely driven by unrealized losses on crypto asset holdings.

Leadership departures compounded the turbulence. The company recently lost its chief operating officer, chief financial officer, and chief legal officer. Gemini also announced a strategic withdrawal from the United Kingdom, European Union, and Australian markets, citing unsustainable regulatory compliance costs in those regions.

Bitcoin's prolonged slump has added further pressure across the broader crypto industry. The leading digital currency has dropped more than 40% from its October 2025 peak, dampening trading activity among both retail and institutional investors. As a smaller player holding less than 1% of global crypto market share, Gemini remains especially vulnerable to shifts in trading volume.

The competitive gap with larger exchanges continues to widen. Coinbase employs approximately 4,951 people and handles daily trading volumes nearly 42 times greater than Gemini's. Citigroup this week downgraded Gemini to a sell rating, with analysts expressing doubt over the company's path to profitability. Gemini offered no financial outlook for 2026, though its shares briefly surged 11% in after-hours trading despite remaining down nearly 40% year-to-date.