Gemini crisis: Layoffs, exits, and stock plunge

Gemini faces crisis: 25% layoffs, exits from UK, EU, Australia, and top exec departures. Stock down 80% since IPO. Analysts cite failed bets and rising costs.

Gemini, a leading cryptocurrency exchange, is undergoing a major crisis marked by substantial layoffs, executive departures, and a retreat from key international markets. In early 2026, the company announced a 25% reduction in its global workforce—impacting around 200 employees—and exited the UK, EU, and Australia. These drastic measures come amid a sharp decline in crypto asset prices, with Gemini’s stock plummeting over 80% since its September 2025 IPO. The crisis deepened as the COO, CFO, and CLO all left the company simultaneously, with no external replacements planned. Mounting financial pressures, including rising operating costs and falling revenues, have forced Gemini to focus on the US and Singapore, shifting toward custody services and prediction markets. Customers in affected regions will have withdrawal-only access in March and April 2026. Analysts attribute the turmoil to failed market growth bets, leading to a significant drop in Gemini’s market share and valuation.