TLDR
- Gemini Space Station (GEMI) stock fell over 13% Tuesday after its COO, CFO, and CLO all departed simultaneously.
- Cameron Winklevoss will absorb COO responsibilities, including oversight of revenue-generating operations.
- The company is cutting 25% of its workforce and exiting the UK, EU, and Australian markets.
- 2025 net losses are forecast near $600 million, with operating costs projected above $530 million.
- Revenue is expected to grow to $165M–$175M, with monthly active users up 17% to 600,000.
Gemini Space Station stock fell more than 13% on Tuesday after an SEC filing revealed the simultaneous 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 exited effective February 17. Beard also stepped down from the board of directors. The company confirmed his departure was not tied to any operational dispute.
Gemini said the COO role would not be filled. Co-founder Cameron Winklevoss steps in to cover those duties, with a focus on revenue-generating activities. Danijela Stojanovic, previously chief accounting officer, has been named interim CFO. Kate Freedman takes over as interim general counsel.
At the time of the filing, GEMI stock was trading around $6.54 — near its all-time low. The company went public on the Nasdaq in September, raising $425 million. It has struggled to hold value since.
Executive Exits Follow Wider Restructuring
The leadership changes didn’t come out of nowhere. Weeks earlier, Gemini announced it was cutting 25% of its workforce and winding down operations in the UK, EU, and Australia.
The company said it is refocusing on the US market and its prediction market platform, which recently secured a US license.
Analyst James Seyffart described it as a “big shakeup” on X. Investors didn’t need convincing — the stock sold off hard and fast.
The Numbers Behind the Drop
Gemini published preliminary 2025 financials alongside the SEC filing. Net revenue is projected between $165 million and $175 million, up from $141 million in 2024. Monthly transacting users grew about 17% year-over-year to roughly 600,000.
The cost side is harder to ignore. Operating expenses are expected to exceed $530 million. Adjusted EBITDA losses are projected at around $260 million, with net losses closing in on $600 million for the full year.
Analyst Diario Bitcoin highlighted the growing gap between revenue gains and rising costs as a core issue for investors watching the stock.
One Positive: Legal Cloud Lifted
In January, the SEC dismissed a 2023 civil case against Gemini Trust Company over alleged unregistered securities offerings. That removed one overhang that had weighed on the company for nearly two years.
Bitcoin has dropped more than 40% from its all-time peak of $126,251, putting pressure across the crypto sector. Gemini did not link the broader market downturn to its restructuring decisions.
GEMI stock closed Tuesday down more than 13%, trading near record lows around $6.50.
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