Winklevoss twins’ Gemini crypto exchange cuts 25% of workforce as

Winklevoss twins’ Gemini crypto exchange cuts 25% of workforce as

Gemini, the crypto agency run by Cameron and Tyler Winklevoss, is slicing as much as 25% of its workforce and ending operations in the United Kingdom, European Union and Australia – a retreat that comes during a sustained bitcoin selloff.

The layoffs will influence about 200 staff across Gemini’s operations in the US, Europe and Singapore, the company said in a submitting. The Winklevoss twins said the cuts would enable Gemini to “double down on America” and serve US prospects.

“These foreign markets have proven hard to win in for various reasons and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down,” the duo, made well-known by means of the fictional depiction of them in 2010’s “The Social Network,” said in a weblog submit. “And we don’t have the demand in these regions to justify them.”

Tyler and Cameron Winklevoss during Gemini’s preliminary public providing at the Nasdaq MarketSite in New York, on Friday, Sept. 12, 2025. Bloomberg by way of Getty Images

Gemini’s announcement didn’t reference the latest stoop in bitcoin’s worth, which plunged below the $70,000 threshold for the first time since November 2024 on Thursday. Bitcoin is down about 25% since the start of the 12 months and was hovering close to $65,000 as of Thursday afternoon.

Meanwhile, Gemini’s inventory plunged as a lot as 9% in Thursday buying and selling and has fallen roughly 85% since hitting an all-time high of $45.89 on Sept. 12 shortly after its public buying and selling debut, according to Bloomberg data.

In November, the embattled crypto agency reported a worse-than-expected quarterly loss of $159.5 million, or $6.67 per share, in its first public earnings report.

Gemini has sought to distinguish its choices past cryptocurrencies. In December, Gemini launched its personal prediction market to compete with the likes of Kalshi.

“Our thesis is that prediction markets will be as big or bigger than today’s capital markets,” the twins wrote of their weblog submit.

Cameron and Tyler Winklevoss, co-founder and chief government officer of Gemini Trust Co., on stage during the Bitcoin 2025 convention in Las Vegas, Nevada, US, on Tuesday, May 27, 2025. Bloomberg by way of Getty Images

A show for the Gemini Trust Bitcoin bank card at the company’s sales space during the Bitcoin 2025 convention in Las Vegas, Nevada, US, on Tuesday, May 27, 2025. Bloomberg by way of Getty Images

The crypto exchange said it expects to finish the layoffs and end operations in the abroad markets by the first half of the 12 months.

The Winklevoss twins are maybe best recognized for suing Mark Zuckerberg for allegedly stealing the concept to create Facebook. They ultimately reached a large settlement and have become major crypto traders during the early days of the bitcoin increase.

Gemini has struggled to keep up a major buyer base since launch and has also confronted regulatory scrutiny, including a lawsuit from New York Attorney General Letitia James, which was settled in June 2024, and another from the Securities and Exchange Commission. The SEC dropped its case in January.

With Post wires

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