Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is undergoing a severe restructuring involving significant layoffs, a strategic retreat from key international markets, and a major executive shakeup. This comes despite co-founder Tyler Winklevoss expressing public optimism about crypto's future, even as on-chain data reveals his personal investment firm, Winklevoss Capital, has been steadily selling Bitcoin over the past year.
The exchange announced it would cut up to a quarter of its staff and exit the United Kingdom, European Union, and Australia to focus solely on the U.S. and Singapore markets. Shortly after, the company parted ways with its Chief Operating Officer, Chief Financial Officer, and Chief Legal Officer, with co-founder Cameron Winklevoss taking on expanded responsibilities.
Financially, Gemini is under immense pressure. Its latest SEC filing projects 2025 net revenue between $165 million and $175 million, up from $141 million in 2024, with about 600,000 monthly transacting users—a 17% year-on-year increase. However, projected operating expenses have soared to between $520 million and $530 million, versus $308 million a year earlier, creating a significant cost-revenue mismatch.
The company's market share and valuation have collapsed. According to a Bloomberg report, Gemini's spot market share shrank to around 0.1% of global crypto trading in January, down from 0.6% in June 2025. Since its public listing last year, its market value has plummeted from almost $4 billion to under $700 million.
The restructuring represents a strategic pivot. Gemini is now focusing on new ventures, including a Commodity Futures Trading Commission (CFTC)-regulated prediction markets platform, as well as custody and credit card services, moving away from reliance on volatile retail trading fees.
This corporate turmoil unfolds against a backdrop of exceptionally bleak market sentiment. The Crypto Fear & Greed Index has sunk to extreme fear levels, U.S. spot Bitcoin ETFs have seen consistent outflows, and searches for "Bitcoin going to zero" are at their highest since 2022. Notably, Winklevoss Capital's Bitcoin holdings have decreased from about 23,000 BTC in February 2025 to fewer than 11,000 BTC in February 2026, according to on-chain tracker Arkham.
