Winklevoss twins Gemini crypto exchange cuts 25% of workforce as bitcoin slumps | Latest Tech News
Gemini, the crypto firm run by Cameron and Tyler Winklevoss, is cutting up to 25% of its workforce and ending operations in the United Kingdom, European Union and Australia – a retreat that comes during a sustained bitcoin selloff.
The layoffs will impression about 200 workers across Gemini’s operations in the US, Europe and Singapore, the company said in a submitting. The Winklevoss twins said the cuts would enable Gemini to “double down on America” and serve US clients.
“These foreign markets have proven hard to win in for various reasons and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down,” the duo, made well-known through the fictional depiction of them in 2010’s “The Social Network,” said in a weblog post. “And we don’t have the demand in these regions to justify them.”
Tyler and Cameron Winklevoss during Gemini’s initial public offering at the Nasdaq MarketSite in New York, on Friday, Sept. 12, 2025. Bloomberg via Getty Images
Gemini’s announcement didn’t reference the latest hunch in bitcoin’s price, which plunged below the $70,000 threshold for the first time since November 2024 on Thursday. Bitcoin is down about 25% since the start of the 12 months and was hovering close to $65,000 as of Thursday afternoon.
Meanwhile, Gemini’s stock plunged as a lot as 9% in Thursday trading and has fallen roughly 85% since hitting an all-time high of $45.89 on Sept. 12 shortly after its public trading debut, according to Bloomberg data.
In November, the embattled crypto firm reported a worse-than-expected quarterly loss of $159.5 million, or $6.67 per share, in its first public earnings report.
Gemini has sought to differentiate its choices past cryptocurrencies. In December, Gemini launched its own prediction market to compete with the likes of Kalshi.
“Our thesis is that prediction markets will be as big or bigger than today’s capital markets,” the twins wrote in their weblog post.
Cameron and Tyler Winklevoss, co-founder and chief govt officer of Gemini Trust Co., on stage during the Bitcoin 2025 convention in Las Vegas, Nevada, US, on Tuesday, May 27, 2025. Bloomberg via Getty Images
A show for the Gemini Trust Bitcoin credit card at the company’s sales space during the Bitcoin 2025 convention in Las Vegas, Nevada, US, on Tuesday, May 27, 2025. Bloomberg via Getty Images
The crypto exchange said it expects to full the layoffs and end operations in the abroad markets by the first half of the 12 months.
The Winklevoss twins are maybe best recognized for suing Mark Zuckerberg for allegedly stealing the thought to create Facebook. They ultimately reached a sizable settlement and grew to become major crypto buyers during the early days of the bitcoin growth.
Gemini has struggled to preserve a major buyer base since launch and has also confronted regulatory scrutiny, including a lawsuit from New York Attorney General Letitia James, which was settled in June 2024, and another from the Securities and Exchange Commission. The SEC dropped its case in January.
With Post wires
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