Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, will cut up to 200 jobs globally and withdraw from the UK, European Union and Australia by April as it seeks profitability during a prolonged downturn in digital asset markets.
The planned layoffs, affecting roughly a quarter of its workforce, will hit staff across Europe, the US and Singapore, the company said on Thursday. Gemini will concentrate operations in the US and Singapore as part of what it calls its “Gemini 2.0” strategy.
Customer accounts in the affected regions will enter withdrawal-only mode from 5 March 2026, with full closures scheduled for 6 April. The company warned users with open perpetual futures positions that they must close them before the March deadline or face forced liquidation at market prices.
“We expect this will help reduce our total expenses in line with our headcount reduction and meaningfully accelerate our path to profitability even in the backdrop of the current crypto market,” the Winklevoss twins said in a blog post.
Shares in the New York-based company fell about 7 per cent in afternoon trading on Thursday. The stock has tumbled 73.8 per cent from its $28 offer price in its September initial public offering and has dropped 23 per cent since the start of 2025.
Gemini expects to incur about $11 million in pre-tax restructuring charges, most of which will be recorded in the first quarter. The company aims to substantially complete the redundancies and operational wind-downs by the first half of 2026.
“Management now must shift its strategy from investing to regain lost market share to staying afloat during a crypto downturn,” Matthew Coad, an analyst at Truist, said in a note.
The company is narrowing its focus to prediction markets, which it believes “will be as big or bigger than today’s capital markets.” Since launching Gemini Predictions in mid-December, the platform has attracted more than 10,000 users and over $24 million in trading volume.
Gemini has partnered with eToro to help customers transfer assets, though users may also withdraw to self-custody wallets or bank accounts. The company urged customers to act quickly, noting that adding a new crypto withdrawal address can take up to seven days to approve.
