TLDR
- Gemini Space Station (GEMI) is cutting 25% of its workforce, eliminating up to 200 jobs across Europe, the U.S., and Singapore.
- The crypto exchange will exit the U.K., European Union, and Australia by April 2026, focusing only on U.S. and Singapore operations.
- Customer accounts in affected regions will enter withdrawal-only mode on March 5, 2026, with eToro partnering to help users transfer assets.
- Gemini stock dropped 7% on the news and is down 73.8% from its $28 September 2025 IPO price.
- The Winklevoss twins plan to invest in prediction markets, citing over 10,000 users trading $24 million since Gemini Predictions launched in December.
Gemini Space Station announced Thursday it will lay off up to 200 employees and shut down operations in multiple countries. The move affects about a quarter of its global workforce.
NEWS: Crypto exchange @Gemini plans to cut about 200 jobs (~25% of its workforce) and wind down operations across the UK, EU, Europe, and Australia to focus on the U.S. and Singapore, with the restructuring expected to be completed by H1 2026, according to Reuters. pic.twitter.com/QQGO6Z1JYq
— SolanaFloor (@SolanaFloor) February 5, 2026
The crypto exchange founded by Cameron and Tyler Winklevoss will exit the U.K., European Union, and Australia. Operations will continue only in the U.S. and Singapore.
Customer accounts in affected regions will switch to withdrawal-only mode on March 5, 2026. Full closures will follow in April.
Gemini has partnered with brokerage platform eToro to help customers transfer their assets. The company has suspended new account creation and deposits in these markets.
Gemini Space Station, Inc. Class A Common Stock, GEMI
Shares of the New York-based exchange fell 7% in afternoon trading Thursday. The stock is now down 73.8% from its $28 IPO price in September 2025.
Cost-Cutting Push Aims for Profitability
The Winklevoss twins said the restructuring will reduce total expenses in line with headcount reductions. They expect it to speed up their path to profitability despite current crypto market conditions.
Gemini estimates it will incur about $11 million in pre-tax restructuring charges. Most of these costs will hit in the first quarter of 2026.
The company expects to complete the layoffs and operational wind-downs by the first half of 2026. This timeline depends on local legal and consultation requirements.
Truist analyst Matthew Coad said streamlining the business makes sense for the long term. He noted management must shift from investing to regain market share to staying afloat during a crypto downturn.
Betting Big on Prediction Markets
The Winklevoss twins cited difficulties gaining traction in the U.K., Europe, and Australia. They said the U.S. has been their strongest market.
“The reality is that America has the world’s greatest capital markets and America has always been where it’s at for Gemini,” they wrote in a blog post. “So it’s time for Gemini to focus and double down on America.”
The founders revealed plans to invest heavily in prediction markets. They believe this sector could rival or surpass traditional capital markets.
Gemini secured a license to launch its own prediction marketplace. The company positions itself as an early mover in this space.
More than 10,000 users have traded over $24 million on Gemini Predictions since its mid-December launch. The twins called this “a new and exciting frontier.”
Gemini stock has fallen 23% since the start of 2025. The decline mirrors a broader downturn in crypto prices and waning investor appetite for digital-asset-linked equities.
The stock closed down 2.8% on Thursday following the announcement.
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