Gemini Space Station, the crypto exchange founded by Cameron and Tyler Winklevoss, has approved plans to cut up to 200 jobs—about a quarter of its workforce—as part of a broader cost-cutting effort.
The layoffs will affect staff in Europe, the U.S. and Singapore, and the company will scale back operations to focus solely on the U.S. and Singapore.
Gemini also plans to wind down its business in the UK, the EU, other European markets and Australia, with the restructuring expected to be largely completed by the first half of 2026. The company estimates pre-tax restructuring charges of around $11 million, mostly related to severance and exit costs, with most recorded in the first quarter.
Shares fell about 6% in early trading and remain down nearly 74% from the $28 IPO price in September. The Winklevoss twins are best known for their lawsuit against Facebook’s Mark Zuckerberg and for becoming early crypto billionaires through Bitcoin investments.
