Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, said on Thursday it has approved a comprehensive cost-cutting plan that includes cutting up to 200 positions worldwide and consolidating its operating footprint to the United States and Singapore.
The announced layoffs amount to roughly one quarter of the company's workforce and will impact employees across Europe, the U.S. and Singapore, the company said. Alongside the headcount reductions, Gemini approved a plan to wind down operations in the UK, the European Union, other European jurisdictions and Australia, leaving the exchange to operate only in the U.S. and Singapore.
The company set a target to substantially complete the layoffs and the regional wind-downs by the first half of 2026, while noting that the timing and completion remain subject to local legal and consultation requirements in the affected jurisdictions.
From a fiscal perspective, Gemini estimates it will incur about $11 million in pre-tax restructuring and related charges. The company said these costs will be largely cash-based and tied to severance, notice pay, employee benefits, facility exit costs, contract terminations and professional fees. Most of the charges are expected to be recorded in the first quarter.
Gemini’s announcement comes as the year has opened with widespread layoffs across U.S. companies as they trim costs and sharpen operational focus. Market reaction to the news was negative in early trading: the New York-based company's shares fell about 6% initially. As of Wednesday’s close, the stock remained down about 73.8% from the $28 offer price in its September IPO.
The exchange’s founders, the Winklevoss twins, rose to prominence after suing Facebook and its CEO Mark Zuckerberg, and later earned the nickname "Bitcoin twins" after investing part of their settlement in the cryptocurrency and becoming one of the world’s first crypto billionaires.
Operationally, the moves represent a substantial geographic retreat for Gemini Space Station and reflect a decision to concentrate resources in two markets. The company quantified the near-term cash impact and set an internal timetable for the bulk of the actions, while acknowledging that labor and regulatory processes in affected countries could extend the timeline.
Investors will be watching the company’s execution of the wind-downs and severance-related payments, and whether the planned charges are recorded as expected in the first quarter. The company’s narrower operating scope and the planned reduction in workforce are central elements of its stated effort to reduce costs and sharpen focus.