Gemini Space Station Inc. (GEMI), the parent company of cryptocurrency exchange Gemini, is undergoing a major leadership and strategic overhaul just months after its public debut. The company disclosed in a Tuesday filing with the U.S. Securities and Exchange Commission (SEC) that it is parting ways with three top executives: Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade, all effective immediately.
Marshall Beard has also resigned from Gemini's board of directors. The company stated his departure was not due to any disagreement related to operations, policies, or practices. Gemini does not plan to appoint a successor COO. Instead, co-founder Cameron Winklevoss will assume many of Beard's responsibilities, including revenue-generating duties, in addition to his existing role.
The board appointed Danijela Stojanovic, Gemini's chief accounting officer since May 2025, as interim CFO. Kate Freedman, currently associate general counsel and corporate secretary, was named interim general counsel. The company noted it expects to enter into separation agreements with the departing executives, potentially including transition services for a limited period.
This leadership shakeup triggered a sharp decline in Gemini's stock price. Shares fell more than 10-13% in early Tuesday trading, underperforming broader gains in U.S. equity markets and trading around $6.54 at the time of reporting.
The executive departures follow closely on the heels of a sweeping strategic retrenchment announced by Gemini. The company recently stated it would shut down its crypto exchange operations in the United Kingdom, European Union, and Australia. As part of this global pullback, Gemini plans to cut roughly 25% of its global workforce and refocus its strategy on the U.S. market and its prediction markets platform.
In the same filing, Gemini provided a preview of its year-end 2025 results, expecting net revenue between $165 million and $175 million, up from $141 million in 2024. The company attributed the improvement primarily to higher services revenue, driven by growth in credit card revenue.
This corporate restructuring occurs approximately five months after Gemini's initial public offering on the Nasdaq in September, which raised $425 million. The news also follows the SEC's dismissal in January of a 2023 civil case against Gemini Trust Company over unregistered securities offerings.
