Gemini's stock (GEMI) fell more than 13% in early New York trading on 17 Feb after the crypto exchange operator disclosed the departure of three senior executives and revealed preliminary results which showed sharply wider losses in 2025.
Gemini Shares Slide as Exchange Ousts C-Suite Execs, Signals Wider 2025 Loss
17 February 2026 - 16:37 CET
By Ana Pereira
Effective 17 Feb, the company is parting ways with chief operating officer Marshall Beard, chief financial officer Dan Chen and chief legal officer Tyler Meade, according to a filing with the US Securities and Exchange Commission.
Beard has also resigned from Gemini’s board of directors. The company said his resignation was not the result of any disagreement related to its operations, policies or practices.
The Nasdaq-listed firm added that it has no plans to immediately appoint a successor COO, with many of the revenue-related and operational responsibilities previously overseen by Beard set to be assumed by co-founder Cameron Winklevoss.
The board also appointed chief accounting officer Danijela Stojanovic as interim CFO, and associate general counsel and corporate secretary, Kate Freedman, was named interim general counsel.
The executive turnover comes less than a year after Gemini completed its IPO and began trading on Nasdaq under the ticker GEMI. The company has yet to disclose the date of its fourth-quarter earnings release, which is expected by the end of February.
Losses widen despite revenue growth
Alongside the management changes, Gemini disclosed preliminary unaudited results for 2025.
According to the filing, Gemini expects to report a net loss of between $587mn and $602mn for 2025. Adjusted EBITDA is projected at a loss of between -$267mn and - $257mn, compared with analyst expectations for a roughly -$229mn adjusted EBITDA loss. Monthly transacting users rose about 17% year over year to approximately 600,000.
The exchange estimates net revenue will range between $165mn and $175mn, up from $141mn in 2024, driven primarily by higher services revenue, including growth in its credit card business.
Transaction revenue is projected between $93mn and $99mn, while services revenue is expected between $72mn and $76mn.
Operating expenses, however, are forecast to increase between $520mn and $530mn, compared with $308mn a year earlier. The company attributed the rise largely to higher personnel costs, including stock-based compensation, as well as investments in technology, marketing and general and administrative functions.
Executive churn spreads
Gemini’s leadership overhaul comes as executive reshuffles ripple across the digital asset sector, with several high-profile departures and role changes announced in recent weeks.
Earlier this month, senior figures stepped aside or transitioned into advisory roles at firms including JPMorgan’s blockchain unit Kinexys, venture capital firm Multicoin Capital and ZKsync developer Matter Labs. In many cases, companies described the moves as strategic rather than reactive, even as the broader market backdrop remains fragile.
Workforce reductions have also continued across parts of the industry. Gemini itself recently announced plans to cut up to 200 jobs, roughly a quarter of its staff, as part of a broader restructuring that includes scaling back operations in parts of Europe and Australia while refocusing on its core US market.
