Gemini, the Winklevoss twins‘ crypto exchange, is bleeding out. The once-promising platform announced massive layoffs targeting up to 25% of its workforce on February 5, 2026. Not a great look. This comes after the company lost its COO, CFO, and CLO in one brutal sweep. Talk about rats abandoning ship.
The numbers tell a grim story. Expenses shot up 70% last year while revenue crawled up just 17%. Ouch. Their valuation? Down a staggering 82% from $4 billion to under $700 million. That’s not a dip—it’s a nosedive.
Expenses up 70%, revenue up just 17%. Valuation plummeted 82% to under $700M. Not a dip—a nosedive.
Remember when Gemini had global ambitions? Those days are gone. The company has completely withdrawn from the UK, EU, and Australian markets. These regions weren’t small potatoes either, contributing 15% of revenue in 2025’s first nine months. But compliance costs kept climbing, and margins kept shrinking.
The writing was on the wall back in March 2025 when Gemini started “restructuring.” That’s corporate-speak for “we’re in trouble.” Their spot trading market share collapsed from 0.6% to a pathetic 0.1% in just seven months. Not exactly inspiring confidence.
Analysts are questioning whether Gemini can stay afloat after this leadership exodus. The triple executive departure raised red flags across Wall Street. Truist analysts aren’t mincing words—they’re questioning solvency. Mizuho Bank has maintained its price target despite the company’s significant executive departures. Yikes.
The twins are pivoting to prediction markets and custody services, hoping these more stable revenue streams can save them. The strategic pivot represents a calculated risk away from volatile retail trading fees toward more sustainable business models. Their prediction markets platform launched last December has shown $24 million in volume. Not terrible, but hardly a lifeboat.
Will Gemini find solid ground? They’re betting on a US-centric approach and ditching their global dreams. The CLARITY Act might help if it passes. Bitcoin could rebound. Zcash saw a 100x surge in 2025. Unlike altcoins with their higher volatility, Bitcoin’s market dominance could provide the stability that Gemini desperately needs right now.
But right now? Gemini looks less like a celestial twin and more like a falling star.
