Gemini Stock Dives as Winklevoss-Led Crypto Exchange Dumps Executives
Gemini’s shares fell over 14% after the company parted ways with three top executives and announced mass layoffs affecting about 25% of staff. Chief Financial Officer Dan Chen and Chief Legal Officer Tyler Meade were replaced on an interim basis, while departing Chief Operating Officer Marshall Beard’s responsibilities will be taken over by company president Cameron Winklevoss, with no immediate replacement planned. Gemini is also exiting several foreign markets, including the UK, Australia, and the EU, citing insufficient demand. Recent SEC filings show estimated net losses of $587–602 million and an adjusted EBITDA loss of $257–267 million for 2025. Since its $28-per-share IPO that valued Gemini at $4.4 billion, shares have dropped about 86%, recently trading at $6.47 with a current market cap near $760 million.
