Gemini Exec Exodus Sparks 13% Stock Plunge as Winklevoss Assumes Control
Gemini Space Station’s stock (GEMI) tumbled 13% to near-record lows at $6.50 after a regulatory filing revealed the abrupt departures of COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade. Co-founder Cameron Winklevoss will absorb operational duties, while interim appointments fill legal and financial roles.
The exits coincide with drastic cost-cutting: 25% staff reductions and withdrawal from UK, EU, and Australian markets. Despite projecting 2025 revenue growth to $165M-$175M, operating losses could balloon to $600M amid $530M in expenses.
Monthly active users grew 17% YoY to 600,000—a rare bright spot as investors weigh leadership instability against scaling challenges in competitive crypto markets.