TLDR
- Gemini Space Station (GEMI) is reducing its workforce by 25%, getting rid of up to 200 jobs across Europe, the U.S., and Singapore.
- The cryptocurrency exchange will stop its operations in the U.K., the European Union, and Australia by April 2026, and will only focus on its operations in the U.S. and Singapore.
- Customer accounts in the affected regions will enter a mode where only withdrawals are allowed on March 5, 2026, and eToro is partnering to assist users in transferring their assets.
- On hearing the news, Gemini’s stock dropped by 7% and is 73.8% lower than its $28 IPO price in September 2025.
- The Winklevoss twins plan to invest in prediction markets, stating that over 10,000 users have traded $24 million since Gemini Predictions was launched in December.
On Thursday, Gemini Space Station announced that it will lay off up to 200 employees and shut down its operations in several countries. This move impacts about a quarter of its global workforce.
NEWS: The crypto exchange plans to cut around 200 jobs (about 25% of its workforce) and wind up its operations across the UK, EU, Europe, and Australia to focus on the U.S. and Singapore. According to Reuters, the restructuring is expected to be completed by the first half of 2026.
— SolanaFloor (@SolanaFloor)
The crypto exchange founded by Cameron and Tyler Winklevoss will withdraw from the U.K., the European Union, and Australia. Its operations will only continue in the U.S. and Singapore.
Customer accounts in the affected regions will switch to a withdrawal – only mode on March 5, 2026. Full closures will take place in April.
Gemini has partnered with the brokerage platform eToro to help customers transfer their assets. The company has stopped creating new accounts and accepting deposits in these markets.
Shares of the New York – based exchange dropped 7% in afternoon trading on Thursday. The stock is now 73.8% lower than its $28 IPO price in September 2025.
Cost – Cutting Push Aims for Profitability
The Winklevoss twins said that the restructuring will reduce total expenses in accordance with the reduction in the number of employees. They expect it to accelerate their path to profitability despite the current state of the crypto market.
It estimates that it will incur about $11 million in pre – tax restructuring charges. Most of these costs will be incurred in the first quarter of 2026.
The company expects to finish the layoffs and wind down its operations by the first half of 2026. This timeline depends on local legal and consultation requirements.
Truist analyst Matthew Coad said that streamlining the business makes sense in the long run. He noted that management must shift from investing to regain market share to surviving during a crypto downturn.
Betting Big on Prediction Markets
The Winklevoss twins mentioned the difficulties they faced in gaining a foothold in the U.K., Europe, and Australia. They said that 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 the key 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 a large amount in prediction markets. They believe that this sector could compete with or even surpass traditional capital markets.
It has obtained a license to launch its own prediction marketplace. The company positions itself as an early entrant in this field.
Since its mid – December launch, more than 10,000 users have traded over $24 million on Gemini Predictions. The twins called this “a new and exciting frontier.”
Since the start of 2025, Gemini’s stock has fallen by 23%. This decline reflects a broader drop in crypto prices and a decreasing investor interest in digital – asset – linked equities.
Following the announcement, the stock closed 2.8% lower on Thursday.
