By Emily Nicolle, Bloomberg
Gemini Space Station Inc., the crypto exchange founded by Cameron and Tyler Winklevoss that went public just before Bitcoin’s plunge, said three top executives left the company in a sweeping leadership shakeup that followed a broad round of layoffs earlier this month.
The firm’s Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen and Chief Legal Officer Tyler Meade are all leaving the company effective immediately, New York-based Gemini said in a filing on Tuesday. Beard, who has also stepped down from Gemini’s board of directors, has not resigned as a result of any disagreement with the firm, it added.
Gemini does not intend to appoint a successor to Beard at this time, it said. Instead, President Cameron Winklevoss will assume several of his duties. Danijela Stojanovic, the firm’s chief accounting officer, has been named interim CFO, while Kate Freedman will become interim general counsel.
The changes come after Gemini said earlier this month that it planned to cut as much as 25% of its workforce and wind down operations in the UK, European Union and Australia. The move marked a major pullback for one of the crypto industry’s longest-running exchanges and its billionaire co-founders, two of the sector’s most high-profile figures.
The brothers have donated millions of dollars to causes supporting Donald Trump and the Republican Party, including a $21 million offering in Bitcoin to their own political fundraising group for “champions of President Trump’s crypto agenda,” last year. Gemini has also sought to broaden its horizons beyond crypto in recent months, gaining a US license that will allow it to offer prediction markets in the country.
The exchange listed its shares in mid-September, spiking to a record high of $45.89 a day after its debut. The shares have tumbled since the IPO and traded early on Tuesday down as much as 14% at $6.50, its biggest one-day fall since Nov. 11.
The company’s trajectory echoes a familiar pattern in the crypto industry: businesses go public or raise capital near the top of a cycle, only to face painful contractions when prices fall. Coinbase Global Inc., which went public through a direct listing in April 2021 near Bitcoin’s previous peak, saw its shares lose more than 50% of their value over the following year.
Bitcoin has shed over two-fifths of its value since hitting a peak of $126,251 in early October, rattling the broader cryptocurrency market as it fails to latch onto rallies elsewhere in areas like equities and gold. Gemini hasn’t mentioned the declining crypto market as a factor in its cost-cutting strategy, though Bitcoin’s precipitous drop has been impacting firms across the industry for months.
The Winklevoss brothers bought Bitcoin early on in the cryptocurrency’s rise, setting up the Gemini exchange in 2014. The company came under regulatory scrutiny during the crypto-skeptic Biden administration, but its fortunes improved when Trump re-took the White House in 2024.
The company released preliminary figures for its 2025 earnings on Tuesday, stating that it expects to report an adjusted loss before tax of between $267 million and $257 million. Net revenue is expected to be between $165 million and $175 million, with approximately 600,000 monthly transacting users as of Dec. 31.
Total operating expenses are expected between $520 million and $530 million, compared to $308 million a year earlier. This is primarily attributed to higher personnel-related costs and investments in technology, administrative expenses and marketing. Gemini has yet to disclose a finalized date for reporting its earnings.
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