Key Takeaways
- Gemini has cut about 30% of staff since early 2026, taking headcount to roughly 445
- The exchange posted a $582.8 million net loss for 2025 as trading activity and volumes cooled
- Gemini is pulling back to focus on the U.S. and new revenue lines while facing a fresh shareholder lawsuit
Gemini Space Station, the parent company of the Gemini crypto exchange, has cut about 30% of its workforce since the start of 2026 after reporting a full-year net loss of $582.8 million. The company stated it had about 445 employees as of March 1 and said in its shareholder letter that artificial intelligence was one factor behind the job reductions.
Headcount Kept Falling After February’s Restructuring Plan
The latest figure goes beyond the cuts Gemini outlined in February, when it said it would reduce headcount by about 25% and wind down operations in the UK, European Union, and Australia. The company has since made additional reductions in the United States.
Gemini did not provide a 2026 operating outlook alongside its fourth-quarter results. The updated headcount figure showed the restructuring continued after the earlier announcement.
Gemini has also gone through broader management changes this year. The company disclosed in February that its chief operating officer, chief financial officer, and chief legal officer had left.
2025 Net Loss Reached $582.8 Million
Gemini reported a net loss of $582.8 million for 2025. In the fourth quarter alone, the company posted a net loss of $140.8 million on revenue of $60.3 million. The results followed a weaker stretch for crypto markets and lower trading activity. Fourth-quarter trading volume fell to $11.5 billion from $16.4 billion in the prior quarter.
Total 2025 revenue rose to $179.6 million, while services revenue reached $64.6 million. Gemini said services and interest revenue surpassed transaction revenue in the fourth quarter for the first time.
Gemini Shifts Focus to the U.S. to Cut Costs and Speed Profitability
Gemini said focusing on the United States would reduce expenses and accelerate its path to profitability. That shift followed its decision to leave several international markets earlier this year.
The company is also putting more emphasis on businesses outside spot crypto trading. Prediction markets and its credit card business were highlighted as growth areas in its latest shareholder update. Gemini’s regulated prediction markets platform launched in December. The company said more than 15,000 users have traded contracts since launch.
Gemini Pushes Prediction Markets and Its Credit Card Beyond Spot Trading
The latest results showed a business trying to rely less on exchange volume alone. Services revenue rose sharply during 2025, and Gemini said that part of the business became a larger share of net revenue over the year.
Its credit card business also expanded. Gemini said card transaction volume topped $1.2 billion in 2025, while card sign-ups reached 116,500.
“We started as a bitcoin company and now operate across multiple market sectors,”
Tyler Winklevoss said in the shareholder letter.
“We welcome feedback and use it to strengthen our approach, just like our journey to the Olympics taught us discipline and perseverance.”
Shares Rise After Hours as Lawsuit and IPO Slump Hang Over the Stock
Gemini shares closed at $6.01 on Thursday, March 19, and rose in after-hours trading after the company released results. The stock remains far below its $28 IPO price from September 2025.
Gemini is also facing a proposed shareholder class action filed in Manhattan federal court. The suit alleges that Gemini Space Station, Cameron Winklevoss, and Tyler Winklevoss misled investors about strategy, losses, executive departures, and the pullback from international markets. It covers shareholders who held stock between September 12, 2025, and February 17, 2026.
The case adds another pressure point as Gemini cuts costs, reduces its international footprint, and pushes into new products while trying to recover from a heavy loss year.
