Cryptocurrency exchange Gemini has reduced its workforce by roughly 30% since the start of 2026, leaving it with about 445 employees, according to a cited shareholder letter. The company is pivoting toward greater use of artificial intelligence amid financial strain, having posted a full-year loss of $585 million and holding less than 1% of global market share.
Founded by Tyler Winklevoss and Cameron Winklevoss, Gemini employed about 445 people as of March 1. The exchange did not provide an operating outlook for 2026 alongside its fourth-quarter results.
The latest cuts come after an earlier announcement of eliminating up to a quarter of its staff. The firm also withdrew from the UK, European Union, and Australia while parting ways with several top executives.
Gemini went public on Nasdaq’s Global Select Market last September and is facing financial strain. The company posted a full-year loss of $585 million, which includes unrealized crypto asset losses after losing more than $500 million the prior year.
Fourth-quarter revenue rose nearly 40% year-over-year to about $60 million. Losses, however, widened significantly to $140.8 million from $27 million.
Data from Kaiko revealed the company operates with less than 1% of global market share. For comparison, Coinbase Global Inc. employs around 4,951 staff and recorded daily trading volumes nearly 42 times higher.
The broader crypto market downturn has added pressure. Bitcoin remained down about 44% from its October peak amid low trading activity and macroeconomic uncertainty.
Several industry players have downsized their workforce as market conditions remain challenging. For instance, Crypto.com recently slashed 12% of its workforce while citing the need to adapt to AI-driven changes.
Algorand reduced its staff by approximately 25%. Meanwhile, OP Labs, a major contributor to the Optimism ecosystem, eliminated around 20 roles.
