Gemini announced it will cut 25% of its global workforce, affecting approximately 200 employees across the U.S., Europe and Singapore. The company will cease operations in the United Kingdom, European Union and Australia by mid-year, citing high operational complexity and insufficient regional demand. According to the filing, this move will streamline Gemini’s cost structure and allow the platform to redeploy resources toward its core domestic business.

In its first public earnings report, Gemini posted a quarterly net loss of $159.5 million, or $6.67 per share, exceeding analyst expectations. The company’s stock plunged by as much as 9% in the wake of the restructuring announcement and has declined roughly 85% from its all-time closing high recorded the day after its September 2025 debut. Bitcoin’s price decline—down about 25% year-to-date and recently slipping below the $70,000 mark for the first time since late 2024—has weighed heavily on trading volumes and fee revenue.

Co-founders Cameron and Tyler Winklevoss stated that the cost‐cutting measures will enable Gemini to “double down on America” and better serve its U.S. customer base. In December, the firm expanded beyond spot trading with the launch of a proprietary prediction market, targeting event contracts and competing with established operators like Kalshi. The twins reiterated their belief that prediction markets could rival or exceed the size of traditional capital markets, underscoring a shift toward higher-margin, non-crypto offerings.