Gemini Space Station slashed its workforce by roughly 30% since January, bringing total headcount down to approximately 445 employees as of March 1. The crypto exchange founded by Tyler and Cameron Winklevoss confirmed the cuts alongside fourth-quarter earnings that showed deepening losses.
The reductions went beyond the 25% reduction the company initially announced earlier this year.
Losses Deepen Despite Revenue Growth
The exchange posted a net loss of $140.8 million in the fourth quarter, compared to $27 million during the same period a year earlier. Revenue rose nearly 40% year-over-year to $60.3 million, beating analyst expectations of around $50 million. For the full year 2025, Gemini recorded a total loss of $585 million, including unrealized losses on crypto asset holdings.
The layoffs have reshaped Gemini’s leadership as well as its ranks. The company parted ways with its chief operating officer, chief financial officer, and chief legal officer in recent months. Gemini also announced it would exit the United Kingdom, European Union, and Australia entirely, retreating from markets where regulatory compliance costs had weighed on operations.
Bitcoin’s price decline is a central factor behind the broader industry squeeze. The leading cryptocurrency has fallen more than 40% from its all-time high set in October 2025, keeping many retail and institutional traders on the sidelines. Gemini, with less than 1% of the global crypto market share, is particularly exposed to volume-driven revenue swings.
Competitive Gap Widens as Wall Street Turns Cautious
The competitive gap with larger rivals remains stark. Coinbase Global employs roughly 4,951 people — about eleven times Gemini’s current headcount — and recorded daily trading volume nearly 42 times higher than Gemini’s in recent data. Analysts warn that without clear differentiation, smaller exchanges face structural disadvantages as network effects consolidate activity on dominant platforms.
Wall Street sentiment has turned cautious. Citigroup downgraded Gemini to sell this week, with analysts questioning whether the company can reach profitability within a timeframe acceptable to equity investors. Gemini declined to provide an operating outlook for 2026 in its shareholder letter. Gemini shares rose as much as 11% in after-hours trading despite being down nearly 40% year-to-date.
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