Gemini Plans Significant Cuts and Overseas Exit Amid Bitcoin Decline

Gemini, the cryptocurrency platform founded by Cameron and Tyler Winklevoss, is set to reduce its workforce by up to 25% and cease operations in the UK, European Union, and Australia. This decision comes as Bitcoin prices continue to drop.

In a recent filing, the company mentioned that around 200 employees would be impacted by the layoffs across its offices in the United States, Europe, and Singapore. The Winklevoss twins expressed that these cuts are meant to “double down on America” and better cater to U.S. clients.

“We’ve faced numerous challenges in foreign markets, and we’re currently stretched thin in terms of organizational and operational complexity. This situation increases our costs and hampers our responsiveness,” they noted in a blog entry. “There’s simply no demand in these areas that justifies the expenses.”

Interestingly, their announcement didn’t specifically highlight the recent downturn in Bitcoin, which dropped below $70,000 for the first time since November 2024. Since the start of the year, Bitcoin has decreased by about 25%, settling around $65,000 as of Thursday afternoon.

Meanwhile, shares of Gemini fell nearly 9% during Thursday’s trading session, having plummeted around 85% since reaching a peak of $45.89 on Sept. 12 shortly after going public.

Last November, the troubled company reported a quarterly loss of $159.5 million — or $6.67 per share — which was worse than analysts had anticipated during its initial financial disclosure.

In a bid to expand its portfolio beyond cryptocurrencies, Gemini introduced its own prediction market in December to compete with others in the field. The twins stated, “We believe prediction markets will be as substantial, if not more so, than today’s capital markets.”

Gemini aims to finalize the layoffs and wrap up operations in the aforementioned international markets by the first half of this year.

Notably, the Winklevoss twins are widely recognized for their legal battle against Mark Zuckerberg over the creation of Facebook, which resulted in a significant settlement. They have been prominent figures in the crypto space since the early days of Bitcoin’s rise.

Since launching, Gemini has faced challenges retaining a solid customer base, along with regulatory issues, including lawsuits from New York’s Attorney General Letitia James and the Securities and Exchange Commission, which were eventually settled in June 2024. The SEC dismissed its case in January.