Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has reduced its workforce by roughly 30% since the start of 2026, extending earlier layoffs as the company pivots toward greater use of artificial intelligence to enhance operational efficiency, according to a shareholder letter reported by Bloomberg.
As of March 1, Gemini employed approximately 445 people and did not provide a full-year operating outlook alongside its fourth-quarter results.
Aggressive Workforce Reductions
Gemini has increased its layoffs beyond the earlier 25% cut, affecting both staff and top executives. Key leaders, including the chief operating officer, chief financial officer, and chief legal officer, have left the company.
Along with the workforce reduction, Gemini is exiting the United Kingdom, European Union, and Australia.
The company cited high regulatory costs and challenging market conditions as the main reasons for these moves. These changes reflect Gemini’s effort to streamline operations and focus on efficiency during a difficult period for the crypto market.
Financial Performance and Market Position
Gemini reported a total loss of $585 million for the full year, including significant unrealized losses on crypto holdings. This follows a loss of over $500 million the previous year.
In the fourth quarter, revenue grew nearly 40% year-over-year to about $60 million, but losses also increased sharply to $140.8 million from $27 million.
Despite this growth, Gemini holds less than 1% of the global crypto market. In comparison, Coinbase employs around 4,951 people and sees daily trading volumes nearly 42 times higher, showing the big gap between Gemini and larger competitors.
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Broader Crypto Market Pressure
The overall decline in the crypto market has created major challenges for companies like Gemini. Bitcoin, the largest cryptocurrency, has fallen about 44% from its peak in October, which has slowed trading activity and made revenue less predictable.
Many traders, both retail and institutional, are cautious and trading less, leaving smaller exchanges more exposed to financial ups and downs. Bigger platforms, which can rely on high volumes and larger user bases, Gemini has a very small share of the global market, making it more sensitive to market swings.
These conditions combined with economic uncertainty and volatile crypto prices, have put extra pressure on Gemini to manage costs and restructure its operations effectively.
Industry-Wide Restructuring
Gemini is not the only crypto company making changes to adapt to the current market and AI technology. Several other firms have also reduced staff to improve efficiency.
For example, Crypto.com cut about 12% of its employees, Algorand reduced its team by 25%, OP Labs eliminated around 20 roles and Block Inc. cut its workforce from 10,000 to under 6,000, later rehiring some staff.
These layoffs show a clear trend in the crypto industry: companies are restructuring to save costs and stay competitive during a challenging market.
Gemini’s focus on AI and optimizing its workforce highlights this shift toward automation and smarter operations. By reducing expenses and using AI, Gemini aims to operate more efficiently and better handle the volatility and competition in the crypto sector.
