The Winklevoss-founded crypto company has embarked on a significant scale down not only in its personnel, but also in its market activity as it prepares for its full-year financial results.
Crypto exchange Gemini announced it has parted ways with three C-suite executives after recently laying off 25% of its workforce.
According to a 17 February filing with the Securities and Exchange Commission (SEC), Gemini has “parted ways” with Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade. All three left the company with immediate effect.
“We expect to enter into a separation agreement with each of these individuals with potential eligibility to provide additional transition services for a limited period of time in exchange for continued base salary and employee benefits for the duration of such period (but not including any additional incentives),” Gemini stated in the filing.
Gemini noted Beard had also resigned from his position on the company’s Board of Directors, but stressed this was “not the result of any disagreement” between himself and the Board.
Gemini has wasted no time in finding interim replacements; Danijela Stojanovic was unanimously appointed by the Board as Interim CFO and will assume her role effective immediately. Stojanovic was previously the company’s Chief Accounting Officer, a position she has held since May 2025.
Kate Freedman will assume the role of Interim General Counsel effective immediately. And Cameron Winklevoss, President of Gemini, will take up COO duties, which involve revenue-generating responsibilities. The company has confirmed it “does not intend to appoint a successor Chief Operating Officer at this time”.
Seemingly no hard feelings
Meade took to LinkedIn upon his departure from Gemini, stating in a post that he had loved his three years at Gemini and thanked his team of legal professionals.
“There is something phenomenally rewarding about collaboration, the process of leveraging the varied talents of a group of people to move from point A to point B. Perhaps this is why I love blue water sailing, and making landfall after round-the-clock shifts,” he said.
“It is certainly why I have loved my three years at Gemini, collaborating with Cameron and Tyler Winklevoss, Marshall Beard, Dan Chen, Chris Mariadason, and many others on our IPO, launching prediction markets, and building the future of money. The fact I count them as friends made the experience even better.”
Similarly, Chen confirmed in a post on X to thank both Cameron and Tyler Winklevoss for his appointment as well as supporting Stojanovic in her new role.
“Danijela Stojanovic brings the perfect blend of capability, insight, and strategic perspective. She has always contributed far beyond “just” being our Chief Accounting Officer — as demonstrated by her leadership through our IPO — and I’m excited to cheer her on in this next chapter!”, said Chen.
Gemini scale down plans
The departure of the three C-suite executives follows Gemini’s decision to scale back its workforce by axing 25% of its staff earlier this year, along with announcement it is pulling its operations in the UK, Europe and Australia.
Cameron and Tyler Winklevoss confirmed in a statement on 5 February that the decision to cut staff was a continued effort to scale back its engineering workforce, which had already been reduced by 50% towards the end of 2025.
The company attributes the more “efficient” and “faster” AI tools it has integrated over the last several years as a means to cut its engineering staff.
Gemini’s departure from the UK, Europe and Australian markets was also cited as reason for the company to “double down” on its efforts of focusing on developing in the US market.
In its statement, the company said the market exits will take effect on 6 April, and new accounts will be prevented from being created. From 5 March, all customer accounts will be placed on withdrawal-only mode. This will mean no additional funds can be added, and existing customer assets can not be sold.
Speaking to Payment Expert, Susie Violet Ward, CEO and Co-founder of Bitcoin Policy UK, believes Gemini pulling out of the UK market is about “friction” regarding the country’s regulatory framework, or lack thereof.
What the SEC filing also revealed
Within the Gemini’s latest filing, preliminary estimates for the financial year ending 31 December 2025 were included. The company stated higher personnel-related costs attributed to the company’s $520m-$530m in expenses, an increase from $308m in 2024.
Gemini also provided guidance for its projected revenues for 2025; it expects net revenue to be $165m-$175m, an increase from $141m it achieved in 2024. The company cited an annual increase of Monthly Transacting Users (MTUs), which was 600,000 for 2025 and a 17% increase from the previous year.
Gemini defines MTUs as “any retail or institutional user who has engaged in any revenue-generating activity or whose account otherwise generated revenue for the Company in the trailing thirty days.” This includes holding digital or fiat assets in Gemini wallets, as well as performing transactions across its spot and/or derivative exchange.
Transaction revenue for 2025 is also expected to be $93m-$99m, while services revenue is expected to be $72m-$76m.
Over the past month, GEMI – the company’s trading name – stock price has fallen by over 36% according to Google Finance markets. GEMI’s price closed on 18 February at $6.58.
