TLDR
- Gemini Space Station’s COO, CFO, and CLO all departed effective February 17, with Cameron Winklevoss taking on added responsibilities.
- Gemini stock (GEMI) dropped more than 13% on the news, trading near all-time lows around $6.50.
- The company is cutting 25% of its staff and exiting the UK, EU, and Australian markets.
- 2025 net revenue is projected at $165M–$175M, up from $141M, but operating costs could exceed $530M with net losses near $600M.
- Monthly transacting users grew 17% year-over-year to roughly 600,000.
Gemini Space Station (GEMI) stock dropped more than 13% on Tuesday after the company disclosed the departure of three top executives in a filing with the SEC.
Gemini Space Station, Inc. Class A Common Stock, GEMI
Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade all left the company effective February 17. Beard also stepped down from the board of directors.
The company said Beard’s exit was not the result of any dispute over operations or policies. Gemini said it would not be replacing the COO role.
Co-founder Cameron Winklevoss will absorb some of those duties, including oversight of revenue-generating activities. Danijela Stojanovic, previously chief accounting officer, has been named interim CFO. Kate Freedman, the company’s associate general counsel, steps in as interim general counsel.
The filing came roughly five months after Gemini went public on the Nasdaq in September, raising $425 million in its debut. The stock was trading around $6.54 at the time of the announcement — near its all-time low.
*GEMINI SPACE STATION TO PART WAYS WITH CFO, COO AND CLO
Woah. Big shakeup over at @Gemini
— James Seyffart (@JSeyff) February 17, 2026
Analyst James Seyffart called it a “big shakeup” in a post on X. The market agreed.
Cutting Costs, Cutting Presence
The executive departures follow a broader restructuring already underway at Gemini. Just weeks earlier, the company said it would cut 25% of its workforce and wind down operations in the United Kingdom, European Union, and Australia.
The company said it was refocusing resources on the US market and its prediction market platform, for which it recently received a US license.
That’s a major shift for one of the older names in crypto exchange history, built by twins Cameron and Tyler Winklevoss.
Losses Growing Despite Revenue Gains
Gemini released preliminary, unaudited 2025 financial results alongside the filing. Net revenue is expected to come in between $165 million and $175 million, up from $141 million in 2024. Monthly transacting users rose about 17% year-over-year to roughly 600,000.
The growth in users and revenue hasn’t translated to profitability, though.
Operating costs are projected to exceed $530 million. The company expects adjusted EBITDA losses of around $260 million and net losses approaching $600 million for the year.
That’s a number that caught the attention of market watchers. Analyst Diario Bitcoin flagged rising costs as a central concern for investors, even as user metrics trend upward.
Bitcoin’s price has fallen more than 40% from its peak of $126,251, putting pressure across the crypto sector. Gemini did not cite the crypto downturn as a reason for its restructuring decisions.
In January, the SEC dismissed a 2023 civil case against Gemini Trust Company related to unregistered securities offerings — a development that cleared one legal overhang for the company.
GEMI stock closed Tuesday down more than 13%, trading near record lows around $6.50.
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