Gemini (GEMI) Stock: Three Top Execs Out as Stock Drops 13%

TLDR

• Gemini Space Station (GEMI) stock dropped 13% Tuesday after its COO, CFO, and CLO all exited the company.
• Cameron Winklevoss will take on added responsibilities, including oversight of revenue-generating activities.
• Gemini is cutting 25% of its staff and pulling out of the UK, EU, and Australian markets.
• 2025 net losses are projected near $600 million despite revenue growth to $165M–$175M.
• Monthly active users grew 17% year-over-year to around 600,000.

Gemini Space Station stock dropped more than 13% on Tuesday after the company filed with the SEC disclosing the departure of its three most senior executives.

Gemini Space Station, Inc. Class A Common Stock, GEMI

COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade all left effective February 17. Beard also stepped down from the board. The company said his exit was not related to any operational dispute.

Gemini said it would not replace the COO role. Co-founder Cameron Winklevoss will take on those duties, including revenue oversight. Danijela Stojanovic moves up from chief accounting officer to interim CFO, and Kate Freedman steps in as interim general counsel.

The stock was trading near $6.54 at the time — close to its all-time low. GEMI went public on the Nasdaq in September, raising $425 million in its debut. It hasn’t had much to celebrate since.

Restructuring Already Underway

The executive exits didn’t arrive in isolation. Just weeks earlier, Gemini announced it was cutting 25% of its workforce and shutting down operations in the UK, EU, and Australia.

The company said it is shifting focus to the US market and its prediction market platform, which recently received a US license.

Revenue Up, Losses Bigger

Gemini released preliminary 2025 financials alongside the filing. Net revenue is expected to land between $165 million and $175 million, up from $141 million in 2024. Monthly transacting users grew roughly 17% year-over-year to around 600,000.

But the costs tell a different story. Operating expenses are projected to exceed $530 million. Adjusted EBITDA losses are expected around $260 million, with net losses approaching $600 million for the year.

Analyst Diario Bitcoin flagged the widening losses as a key concern, pointing out that rising costs are eating through revenue gains faster than growth can keep up.

Legal Overhang Cleared

One piece of good news: in January, the SEC dismissed a 2023 civil case against Gemini Trust Company over unregistered securities offerings. That removed a legal cloud that had been hanging over the company.

Bitcoin has fallen more than 40% from its peak of $126,251, dragging on the broader crypto sector. Gemini did not cite the downturn as a driver of its restructuring.

GEMI stock closed Tuesday down more than 13%, near all-time lows around $6.50.

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