Gemini (GEMI) Stock Falls 7% on 200-Person Layoff Announcement

TLDR

• Gemini Space Station (GEMI) is laying off 200 workers and shutting down operations in the U.K., EU, and Australia by April 2026.
• The crypto exchange will focus solely on U.S. and Singapore markets while cutting its workforce by 25%.
• GEMI shares fell 7% Thursday and are now down 73.8% from their $28 September IPO price.
• Customers in affected regions must withdraw assets by April, with eToro assisting transfers starting March 5.
• The Winklevoss twins plan to pivot toward prediction markets, which have seen $24 million in trading volume since December.

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Gemini Space Station announced Thursday it will cut up to 200 jobs as part of a major restructuring effort. The crypto exchange is reducing its workforce by 25%.

The company will exit the U.K., European Union, and Australia entirely. Only U.S. and Singapore operations will remain after April 2026.

GEMI shares dropped 7% on the news. The stock is now trading 73.8% below its $28 IPO price from September 2025.

Gemini Space Station, Inc. Class A Common Stock, GEMI

Founders Cameron and Tyler Winklevoss said the changes will reduce expenses and accelerate profitability. The restructuring comes as crypto markets face continued pressure.

Customer Withdrawals Begin in March

Gemini customers in affected regions will enter withdrawal-only mode on March 5, 2026. All accounts in these markets will close completely by April.

The exchange has partnered with eToro to help users transfer their assets. New account creation and deposits have already been suspended in the U.K., EU, and Australia.

The company expects to incur $11 million in pre-tax restructuring charges. Most costs will hit in the first quarter of 2026.

Gemini aims to complete the layoffs and operational shutdowns by mid-2026. Final timing depends on local legal requirements.

Prediction Markets Take Center Stage

The Winklevoss twins said they struggled to gain traction in European and Australian markets. They’re now doubling down on the U.S. market.

Gemini secured a license to launch its own prediction marketplace. The platform has attracted over 10,000 users who have traded more than $24 million since launching in mid-December.

Truist analyst Matthew Coad called the streamlining decision smart for long-term growth. He noted management must shift from expansion mode to survival during the crypto downturn.

GEMI stock has fallen 23% since the start of 2025. The decline mirrors broader weakness in crypto-linked equities as investor appetite wanes.

The stock closed down 2.8% Thursday following the announcement.

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