Gemini Retreats Overseas, Slashes 25% of Workforce

Gemini Space Station Inc. (NASDAQ: GEMI) – the crypto exchange founded by twin billionaires Cameron and Tyler Winklevoss – is cutting a quarter of its workforce and winding down its global operations in an effort to increase productivity and manage costs.

What's the Scoop?

• Organizational Earthquake: According to a Gemini press release, roughly 25% of the crypto exchange's workforce was fired today, with layoffs impacting staff stationed across Europe, the United States, and Singapore. This most recent round of forced separations at Gemini follows a 50% in headcount from 2022 to 2025. In addition to the headcount reduction, Gemini also announced that it would wind down operations in the UK, EU, and Australia.
• Just Accelerate: Despite the potentially negative connotation of layoffs, the Winklevoss twins outline an optimistic vision where reduced team sizes and increased AI utilization at Gemini will boost worker productivity. They also touted the early successes of Gemini Predictions, which has handled a relatively meager $24M in volume since launching in December.
• Stock Slide: GEMI stock was hammered today in sympathy with broader crypto market weakness. The stock had fallen 7% from its prior close one hour before the end of U.S. trading, increasing the GEMI's post-IPO drawdown to more than 85%.