Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, announced Thursday it is cutting 25% of its workforce and exiting operations in the UK, EU and Australia as part of a major restructuring.
The move comes as Bitcoin dropped below $70,000 Thursday morning, erasing gains made since its $69,000 all-time high in late 2021.
The exchange said it would refocus its business around the US market, AI-powered productivity and prediction markets. In its “Gemini 2.0” update, the company emphasized that smaller, AI-augmented teams are now more effective and aligned with its evolving mission.
Gemini highlighted early traction in its Gemini Predictions platform, which has processed over $24 million in volume since launching in December.
The news comes as Gemini confirmed it will shut down its NFT marketplace Nifty Gateway on February 23, following a prolonged decline in NFT trading volumes. Users have been instructed to withdraw their assets before the shutdown, though NFT support will continue through Gemini Wallet.
The announcement coincided with fresh pressure on crypto markets. Gemini stock, which debuted in September 2025, fell nearly 7% on Thursday, extending losses to nearly 80% from its IPO price and marking a new all-time low.
Gemini said narrowing its geographic footprint and product focus would help lower expenses and accelerate its path to profitability.
