- Gemini cuts ~30% of workforce, reducing headcount to about 445 employees
- 2025 total losses reach $585 million, including unrealized crypto losses
- Q4 loss widens to $140.8 million despite strong revenue growth
- Revenue rises nearly 40% YoY to $60.3 million, beating expectations
- Company exits UK, EU, and Australia markets due to regulatory costs
Crypto exchange Gemini has reduced its workforce by approximately 30% since January, bringing its total headcount to around 445 employees as of March 1. The company, founded by Tyler and Cameron Winklevoss, confirmed the layoffs alongside its latest financial results. The reductions exceeded the previously announced 25% workforce cut earlier this year, signaling deeper operational restructuring.
Losses Deepen Despite Strong Revenue Growth: Gemini reported a net loss of $140.8 million in the fourth quarter of 2025, significantly higher than the $27 million loss recorded during the same period a year earlier. Despite this, revenue rose nearly 40% year-over-year to $60.3 million, surpassing analyst expectations of approximately $50 million. For the full year, the company posted total losses of $585 million. This figure includes unrealized losses tied to its crypto asset holdings, Bloomberg reported.
Leadership Changes and Market Exits
The layoffs have also impacted Gemini’s leadership structure. The company has parted ways with its chief operating officer, chief financial officer, and chief legal officer in recent months. In addition, Gemini announced a complete exit from several international markets, including the United Kingdom, European Union, and Australia. The company cited high regulatory compliance costs as a key factor behind the decision.
Market Conditions Weigh on Performance: The broader crypto market downturn has contributed to Gemini’s challenges. Bitcoin has declined more than 40% from its all-time high recorded in October 2025, reducing trading activity among both retail and institutional investors. With less than 1% of global crypto market share, Gemini remains highly sensitive to fluctuations in trading volume, which directly impacts its revenue.
Competitive Pressure Intensifies
Gemini continues to face strong competition from larger players in the industry. Coinbase Global, for example, employs approximately 4,951 people more than ten times Gemini’s workforce and reports daily trading volumes nearly 42 times higher. Analysts note that smaller exchanges may struggle to compete as network effects increasingly concentrate trading activity on dominant platforms.
Wall Street Turns Cautious on Outlook: Market sentiment around Gemini has weakened. Citigroup recently downgraded the company to a “sell” rating, citing concerns about its path to profitability. Gemini did not provide an operating outlook for 2026 in its shareholder communication. Despite the challenges, its shares rose as much as 11% in after-hours trading, though they remain down nearly 40% year-to-date. The Winklevoss twins have recently transferred approximately $130 million worth of Bitcoin into Gemini’s hot wallets.
