In brief
- Shares in Gemini (GEMI) are down more than 14% after the firm noted it is parting with three key executives.
- The news comes just weeks after Gemini announced it was laying off 25% of its staff and exiting some foreign markets.
- GEMI is now trading around $6.49, down nearly 77% from its IPO price.
Shares in publicly traded crypto exchange Gemini (GEMI) have fallen more than 14% on Tuesday following word that the firm has decided to part ways with three of its executives following a recent announcement of mass layoffs across the company.
Gemini Chief Financial Officer Dan Chen and Chief Legal Officer Tyler Meade will be replaced in the interim by Danijela Stojanovic and Kate Freedman, respectively. Marshall Beard, the firm’s chief operating officer, will also depart and leave the board, though his executive role will not be filled. Instead, Gemini co-founder Cameron Winklevoss will assume his responsibilities.
“As part of the Gemini 2.0 transformation, we are making changes to our executive team,” an updated blog post from Cameron and his brother Tyler Winklevoss reads. “We do not plan to backfill the COO role at this time,” it adds, noting that Cameron, who currently serves as president of the firm, will “be taking over the revenue-generating responsibilities of the COO.”
The firm’s decision to part ways with some of its top executives comes just two weeks after it announced that it was laying off around 25% of its staff in an effort to streamline efficiencies and lean into new focuses like prediction markets.
Alongside that announcement, Gemini also indicated that it would leave foreign markets like the United Kingdom, Australia, and the European Union, with the firm’s founders admitting that they “don’t have the demand in these regions to justify them.”
In an SEC filing detailing its executive departures, the firm also reported an estimated range of net losses from $587-602 million for 2025. Its adjusted EBITDA range, which evaluates its earnings before interest, taxes, depreciation, and amortization, indicates a net loss of between $257-267 million.
GEMI shares were recently changing hands at $6.47, down 14.4% on the day and about 86% since jumping on day one of trading in September. The firm raised $425 million in its IPO, pricing shares at $28 and netting around a $4.4 billion valuation when it first hit the public markets.
Now, however, its intraday market cap is around $760 million according to data from Yahoo Finance.
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