After its IPO at 425 million, Gemini loses 3 key executives and intrigues Wall Street

The crypto exchange of the Winklevoss twins is upside down. In September, its IPO made Wall Street dream with 425 million raised and a stock price at 28 dollars. Five months later, it’s chaos in the lion’s den: three senior executives jump, the stock plunges and the European offices close. Investors wonder what is really going on at the New York giant.

The big unpacking: how Gemini fired its close guard

Last September’s IPO was a total success. But on February 17, 2026, Gemini filed a document with the SEC whose content explodes like a grenade. COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade leave the ship immediately, without notice. The three pillars of the crypto exchange jump together and Beard, additionally, slams the board door.

The official statement is clinically cold: “We will part ways with these people“, which clearly means they are being pushed out. The market hates surprises of this caliber and the stock plummets 14% right away.

Investors seek answers but Gemini swears it’s not linked to any disagreement, just a “transformation.” Cameron Winklevoss, the co-founder, announces he is taking back the reins of the COO without making a replacement, a sign that power is recentralizing. 

To replace Chen, Danijela Stojanovic, the former chief accounting officer, is appointed interim commander while Kate Freedman becomes interim general counsel. Internally, the atmosphere is heavy because these departures are just the tip of the iceberg.

Gemini’s crypto retreat: goodbye Europe, hello cold shower

These departures do not come out of nowhere since they occur two weeks after a severe purge announced by Gemini. The elimination of 25% of the workforce and the abandonment of the UK, European, and Australian markets have lit the fuse. In a blog post, the Winklevoss brothers drop a rare sentence, almost a confession:

We do not have the demand in these regions to justify them.

Translation: they lost the battle while Coinbase and other rivals sneered.

The Nasdaq euphoria now fades at high speed as Gemini retreats to its American home turf and prediction markets. The “transformation 2.0” sounds like a surrender while competitors quietly nibble away market shares.

Internationally, though so promising at the IPO time, becomes a wasteland where the twins row to save the furniture.

Troublesome accounts: when the IPO turns into a stock market nightmare

Next come the numbers which are damning for the crypto exchange. Revenue grows timidly from 141 to 170 million but expenses surge to 520 million compared to 308 a year earlier. The net loss nearly hits 600 million dollars and the stock, which peaked at 40 dollars on the IPO day, now drags at 6.50 dollars.

Market capitalization has shrunk from 4.4 billion to 760 million, meaning investors who entered at a high price have lost 80% of their stake in five months. It is a massacre that the market watches with suspicion because Gemini burns cash without achieving profitability.

The “transformation 2.0” is sold as a strategic refocus but the markets mostly see it as dancing on a volcano. Meanwhile, the SEC may have dropped its lawsuits in January, trust does not decree itself and Gemini is losing it.

The downfall of Gemini in numbers

• 425 million: the IPO’s lovely fundraising in September 2025;
• 3 senior executives: left all at once without a clear explanation;
• 25%: the share of staff sent to technical unemployment;
• 600 million: the estimated net loss for fiscal year 2025;
• 6.50 dollars: the stock price compared to 40 dollars at its peak.

Gemini has another skeleton in the closet since the exchange quietly left France, followed by Bitget. Thousands of French clients are thus lost while competitors stand ready to scoop them up. The Winklevoss twins’ empire is cracking everywhere and the question is no longer whether it will collapse but when it will be able to plug the breaches.