Gemini Reduces Global Reach, Cuts Costs with Executive Departures

TLDR

• Gemini will see three senior executives depart as part of a leadership restructuring.
• The company will not fill the Chief Operating Officer role and will streamline operations.
• Gemini will cease operations in the U.K., EU, and Australia to focus on its U.S. market.
• Financial projections show a significant increase in losses for Gemini despite user growth.
• The company will focus its resources on its core priorities to reduce operational complexity.

Cryptocurrency exchange Gemini revealed a leadership overhaul and regional exit plans in a filing with the U.S. Securities and Exchange Commission. The company will see three senior executives depart as part of a broader effort to streamline operations and reduce costs. This restructuring follows a series of layoffs and the decision to scale back Gemini’s geographic presence.

Leadership Changes: Executives Step Down

On February 17, 2026, Gemini disclosed that three of its top executives would leave the company. Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade will step down, effective immediately. The company confirmed that it would enter into separation agreements with each of them.

Gemini clarified that Beard’s resignation from the board of directors was not due to disagreements over company practices. The company will not replace the COO role, and co-founder Cameron Winklevoss will assume Beard’s responsibilities. In addition, the board appointed Chief Accounting Officer Danijela Stojanovic as interim CFO, with Kate Freedman serving as interim general counsel.

Gemini to Scale Back Operations, Focus on U.S. Market

As part of its cost-reduction strategy, Gemini will cease operations in several regions. The company announced that Gemini Space Station Inc. would no longer operate in the United Kingdom, the European Union, and Australia. This decision comes after a review of the company’s expansion strategy, which found insufficient demand in certain markets.

Gemini stated that the move would help concentrate resources in its strongest market, the United States. The company’s leadership has acknowledged that operating in more than 60 countries led to increased operational complexity and rising costs. Moving forward, Gemini will focus its efforts on its core priorities, primarily in the U.S.

Financial Losses and Layoffs

Gemini also shared its financial outlook for the previous year, revealing mixed performance. The company reported a 17% increase in monthly transacting users, with approximately 600,000 users. However, net revenue is expected to fall between $165 million and $175 million, compared to $141 million in 2024.

Operating costs, meanwhile, significantly outpaced revenue growth. The company projected operating expenses to reach $530 million, with an adjusted EBITDA loss of around $260 million. Total net losses for the year could approach $600 million, according to the company’s estimates.

Despite these challenges, Gemini remains focused on reshaping its operations for long-term stability. The company’s strategic moves are intended to reduce costs and prioritize areas with the greatest growth potential.

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