Gemini, a cryptocurrency exchange, has further cut its workforce by laying off more staff beyond the 25% cuts it announced earlier this month. The company’s chief operating officer, financial officer, and legal officer all left on the same day, according to Bloomberg News.
The move comes as Gemini’s stock has dropped over 80% since going public last year, with its market value falling from $4 billion to less than $700 million. Analyst Matthew Coad at Truist Securities warned that the departures could lead investors to worry about the company’s solvency.
Coad believes Gemini’s management team made a bet on the crypto bull market continuing through 2027 but was wrong, and now needs to change its strategy. The company has recently seen a rise in expenses by 70% while net revenues increased by only 17%.
Gemini CEO Tyler Winklevoss announced the staff cuts in a blog post, saying they aim to reduce expenses and accelerate profitability. However, the company’s prediction market Gemini Predictions has gained more than 10,000 users who have traded over $24 million since its debut.
The crypto industry is shifting towards infrastructure development, with banks, FinTechs, and global payment providers integrating stablecoins into their operations. Emerging markets are driving demand, and traditional institutions are positioning to capture middleware economics.
Source: https://www.pymnts.com/cryptocurrency/2026/gemini-cuts-more-staff-as-crypto-firms-valuation-plunges-82