TLDR
- Gemini Space Station (GEMI) will eliminate up to 200 positions and close operations in the U.K., EU, and Australia by April 2026.
- The crypto platform is reducing headcount by 25% and concentrating resources on U.S. and Singapore markets only.
- GEMI stock dropped 7% Thursday and trades 73.8% below its $28 September 2025 initial public offering price.
- Affected customers must move assets by April, with withdrawal-only mode starting March 5 and eToro providing migration support.
- Founders plan to invest heavily in prediction markets after seeing 10,000 users trade $24 million since December launch.
Gemini Space Station revealed Thursday plans to eliminate up to 200 positions worldwide. The restructuring represents a 25% reduction in total headcount.
Cameron and Tyler Winklevoss said the company will withdraw from the U.K., European Union, and Australia. The exchange will maintain only its U.S. and Singapore presence going forward.
GEMI stock fell 7% in afternoon trading. Shares now sit 73.8% below the $28 price from the company’s September public debut.
Gemini Space Station, Inc. Class A Common Stock, GEMI
The founders expect the streamlining to cut costs and speed the path to profitability. This comes as crypto markets struggle through a prolonged downturn.
Regional Shutdowns Start Next Month
Customer accounts in exiting markets will switch to withdrawal-only status on March 5, 2026. Complete shutdowns will occur in April across all three regions.
Gemini selected eToro as its partner for customer migrations. The brokerage platform will help users move their digital assets before final closures.
New signups and deposits stopped immediately in affected territories. Incentive programs in these markets have also been disabled.
The company projects $11 million in pre-tax restructuring expenses. The bulk of charges will appear in first-quarter 2026 results.
Management expects to finish layoffs and shutdowns by mid-2026. Local labor laws and consultation periods may affect exact timing.
America and Predictions Drive New Strategy
The Winklevoss brothers admitted they couldn’t build momentum in European and Australian territories. They’re now betting everything on the U.S. market.
“America has always been where it’s at for Gemini,” the founders stated. They plan to concentrate resources on domestic growth and new product categories.
The company obtained licensing to operate its own prediction marketplace. Leadership views this sector as potentially larger than existing capital markets.
Gemini Predictions launched in mid-December and has processed over $24 million in volume. More than 10,000 users have participated since the platform went live.
Truist analyst Matthew Coad endorsed the consolidation strategy. He said management must prioritize survival over market share gains during weak crypto conditions.
GEMI shares have declined 23% year-to-date through early February. Crypto-related stocks broadly underperformed as speculative capital retreated from the sector.
The stock finished Thursday’s session down 2.8% on heavy volume.
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