Gemini has significantly reduced its workforce, cutting about 30 percent of its employees since the beginning of 2026 as the company leans more heavily into artificial intelligence to improve efficiency. According to a shareholder letter cited by Bloomberg, the exchange now has around 445 employees as of March 1.
Founded by Tyler Winklevoss and Cameron Winklevoss, Gemini did not provide a financial outlook for 2026 alongside its fourth quarter results, signaling uncertainty about the road ahead.
Deep Job Cuts and Strategic Pullback
The latest layoffs follow an earlier plan to reduce up to a quarter of the company’s workforce. Gemini also scaled back its global presence by exiting markets in the United Kingdom, the European Union, and Australia. At the same time, several senior executives departed, including the chief operating, financial, and legal officers. Additional layoffs in the United States were carried out beyond the initial reductions.
The restructuring comes at a time when Gemini is under financial pressure. After going public on the Nasdaq Global Select Market last September, the company reported a full year loss of $585 million. This figure includes unrealized losses tied to crypto assets, following a loss of more than $500 million the previous year. Although fourth quarter revenue rose nearly 40 percent year over year to about $60 million, losses expanded sharply to $140.8 million compared to $27 million a year earlier.
Data from Kaiko shows that Gemini holds less than 1 percent of the global crypto market share, highlighting its relatively small scale in an industry dominated by larger players. In comparison, Coinbase employs close to 4,951 staff, roughly eleven times more than Gemini, and has recorded trading volumes far exceeding those of the exchange in recent periods.
The broader downturn in the crypto market has added to the company’s challenges. Bitcoin remains about 44 percent below its October peak, while trading activity has been subdued due to ongoing volatility and macroeconomic uncertainty.
Wider Industry Restructuring Continues
Gemini is not alone in reducing staff as the industry adjusts to tougher conditions and technological shifts. Crypto.com recently cut 12 percent of its workforce as it adapts to changes driven by artificial intelligence. Algorand reduced its staff by around 25 percent, while OP Labs eliminated about 20 roles. Meanwhile, Messari is undergoing leadership changes alongside workforce reductions.
In addition, Jack Dorsey’s company Block Inc. cut more than 4,000 jobs, bringing its workforce down to under 6,000 from around 10,000, although a small number of employees were later rehired.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
