The shares dropped after the company reported large losses and announced leadership changes.
Shares of GEMI fell about 14% to around $6.50 on Tuesday after Gemini Space Station, a U.S.-based cryptocurrency exchange, said three top executives were leaving.
The company revealed in a new 8-K filing that Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen and Chief Legal Officer Tyler Meade all stepped down effective immediately. Beard also resigned from the board, though his resignation “was not the result of any disagreement,” the filing reads.
Gemini currently ranks 19th among centralized exchanges (CEXs), with about $31.9 million in 24-hour trading volume, according to CoinGecko.
There are currently no plans to name a new COO as of now, and co-founder Cameron Winklevoss is expected to take on many of Beard’s duties alongside his current role. Meanwhile, Chief Accounting Officer Danijela Stojanovic will take over as interim CFO.
The leadership shake-up underscores how unexpected leadership changes can unsettle investors and sink stock prices. The filing also showed the company expects a net loss of roughly $587 million to $602 million for 2025, likely adding to investor concerns. Although, as of Dec. 31, 2025, the company recorded 600,000 monthly transacting users, up 17% from a year earlier.
Moreover, the leadership shake-ups come as the broader crypto markets remain weak, with Bitcoin trading at $67,000, down 25% over the past three months, per CoinGecko.
The changes follow Gemini’s announcement two weeks ago that it would cut up to 25% of its staff, as the Wall Street Journal reported.
The company, which went public in September 2025, has recorded a sharp downturn in recent months. Its total assets have also declined, falling to about $5.2 billion from $10.8 billion in October, according to DeFiLlama.
Gemini went public amid a broader rush of crypto firms seeking to IPO, driven by strong investor demand for industry stocks in 2025. The Defiant has reached out to Gemini for comment, but has not heard back at the time of publishing.
