Crypto exchange Gemini (GEMI) is facing a period of significant upheaval, as three of its top executives exit the company just months after its New York initial public offering (IPO).
Gemini COO, CFO And CLO Leave The Exchange
On Tuesday, the firm — founded and led by billionaire twins Tyler and Cameron Winklevoss — disclosed in a regulatory filing that Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade are departing effective immediately.
Beard has also stepped down from Gemini’s board of directors. The company stated in the filing that Beard’s resignation was not the result of any disagreement with the firm.
In a research note reported by Bloomberg, Truist Securities analyst Matthew Coad warned that the departures “could result in more investors becoming concerned about Gemini’s solvency.”
Gemini indicated it does not plan to replace Beard at this time. Instead, President Cameron Winklevoss will take on several of the former COO’s responsibilities. The company named Chief Accounting Officer Danijela Stojanovic as interim chief financial officer, while Kate Freedman will step in as interim general counsel.
The executive shake-up follows another major announcement earlier this month, when Gemini revealed plans to reduce its workforce by as much as 25% and to wind down operations in the United Kingdom, European Union, and Australia.
Post-IPO Struggles Deepen
Financially, the company is also under pressure. Alongside the leadership news, Gemini released preliminary guidance for its 2025 results. It expects to report an adjusted pre-tax loss between $267 million and $257 million.
Net revenue is projected to come in between $165 million and $175 million, with approximately 600,000 monthly transacting users as of Dec. 31. Operating expenses are forecast to reach between $520 million and $530 million, a substantial increase from $308 million a year earlier.
Gemini attributed the rise largely to higher personnel-related costs and continued investments in technology, administrative functions, and marketing efforts. The company has not yet announced a definitive date for its full earnings release.
Gemini went public back in mid-September of last year, and its shares surged to a record high of $45.89 the day after trading began. However, the stock has fallen steadily since its debut, mirroring the broader crypto market decline led by Bitcoin (BTC).
The exchange’s shares trading under the ticker name GEMI fell sharply on Tuesday, dropping nearly 15% to a record intraday low. As of this writing, the stock was down as much as 14% at $6.64, marking its steepest one-day decline since November.
Featured image from OpenArt, chart from TradingView.com
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