- Gemini IPO slump has intensified as shares fell over 80% from peak amid Bitcoin’s 40% slide.
- Workforce cuts, global exits, and executive departures mark a sharp operational reset.
- Prediction markets emerge as a new focus, with $24 million processed since launch.
Gemini IPO slump defines a turbulent chapter for Gemini Space Station Inc after a sharp crypto market reversal. The exchange is cutting staff, exiting regions, and pivoting toward prediction markets as revenue pressure mounts and investor confidence weakens.
Market Rout Pressures Core Exchange Business
According to a report by Bloomberg, the downturn followed a more than 40% drop in Bitcoin, which erased momentum from the prior bull cycle. Gemini’s growth strategy had relied heavily on sustained trading activity.
Shares have fallen over 80% from their post-listing intraday high of $45.89. Their market value has declined from nearly $4 billion to under $700 million.
Trading shares has also narrowed. In January, Gemini handled 0.1% of global spot crypto volume, down from 0.6% in June, according to Cantor Fitzgerald.
Expenses rose about 70% last year, while net revenue increased 17%. 2025 figures show up to $530 million in expenses against $175 million in net revenue.
International markets accounted for 15% of revenue in the first nine months of 2025. However, the firm is withdrawing from the UK, the European Union, and Australia.
The company raised $425 million during its September public debut. That listing occurred near the peak of the crypto rally, locking in valuation at a favorable point.
Executive Departures and Internal Strain
Earlier this month, Gemini cut up to a quarter of its workforce. Additional US staff reductions followed quietly, according to people familiar with the matter.
This week, Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade exited simultaneously. The departures took effect immediately.
Cameron Winklevoss assumed several operational duties. Two internal executives stepped in as interim CFO and general counsel.
Gemini stated that Beard did not leave over disagreements. It declined to comment on the circumstances surrounding the other resignations.
Chen had overseen Gemini’s September IPO and led its credit-card expansion. Analysts cited the card program as a driver of higher services revenue.
Employees expressed frustration over stock-based bonuses losing value. Some staff reportedly worked extended weeks amid concerns about job security.
Pivot Toward Prediction Markets
Facing declining exchange revenue, Gemini is increasing its focus on its prediction markets platform. The product launched in December after securing approval from the Commodity Futures Trading Commission.
In a February 5 blog post, the Winklevoss brothers wrote that prediction markets could rival capital markets in scale. The company has amplified that message through social media platforms.
The segment is competitive. Kalshi Inc, Polymarket, Coinbase Global Inc, and Robinhood Markets Inc are also expanding into event-based contracts.
Gemini’s leadership views prediction markets as a diversification path beyond spot trading. The company continues to maintain its custody operations as part of its services mix.
Still, shifting business lines takes time. User growth reached around 600,000 monthly transacting accounts, representing a 17% increase year over year.
Raising additional capital as a public company presents challenges. Equity issuance would require regulatory filings and could dilute existing shareholders.
For now, Gemini operates with a leaner structure and tighter geographic focus. The Gemini IPO slump remains central to its reset as the firm works to stabilize revenue and rebuild momentum.