Gemini Space Station (GEMI), following a sharp downturn in its share price and lagging business performance, is weighing options to shore up its balance sheet including a potential restructuring of about $330mn in loans provided by its founders, Bloomberg reported.
The exchange operator, controlled by Cameron and Tyler Winklevoss, has discussed converting the debt into equity, according to people familiar with the matter cited by Bloomberg.
The discussions come as Gemini's shares have fallen more than 50% this year, accompanied by job cuts and a retreat from markets including the United Kingdom, European Union and Australia.
The company held 4,619 Bitcoin (BTC) in outstanding debt at the end of December and reported a $585mn loss last year amid a broader crypto market downturn. Bloomberg also reported that Gemini is exploring the sale of overseas licences, though their value may be limited due to regulatory complexity.
The company shares ended the day on Nasdaq down 9.3%, to $4.42.
