Shares of publicly traded crypto exchange Gemini (GEMI) fell over 14% following news that three key executives are departing. The CFO, CLO, and COO are leaving as part of a major restructuring the firm calls “Gemini 2.0.” This follows a recent announcement that Gemini is laying off 25% of its staff and exiting several international markets. The stock now trades around $6.49, a decline of nearly 77% from its initial public offering price of $28.
Shares in Gemini dropped sharply after the firm disclosed the departure of three top executives. Chief Financial Officer Dan Chen and Chief Legal Officer Tyler Meade are being replaced on an interim basis.
Chief Operating Officer Marshall Beard is also departing and will leave the board. “We do not plan to backfill the COO role at this time,” stated a company filing, noting co-founder Cameron Winklevoss will assume those revenue-generating duties.
This leadership change follows the firm’s recent decision to cut about 25% of its workforce. Gemini also said it would exit foreign markets, including the United Kingdom, Australia, and the European Union.
The founders admitted they “don’t have the demand in these regions to justify them.” These moves are part of what the company describes as its “Gemini 2.0 transformation.”
According to its recent SEC filing, Gemini expects a net loss between $587 million and $602 million for 2025. Its adjusted EBITDA indicates a projected loss of $257 million to $267 million.
The stock was recently trading near $6.47, down approximately 86% from its first-day pop last September. Gemini raised $425 million in its IPO at $28 per share, initially valued at about $4.4 billion.
Its current intraday market capitalization is now around $760 million. The share price reflects a steep decline from its public market debut valuation.
