{"id":94587,"date":"2026-02-23T20:30:48","date_gmt":"2026-02-23T17:30:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94587"},"modified":"2026-02-23T20:35:27","modified_gmt":"2026-02-23T17:35:27","slug":"bloomberg-foresees-a-hard-landing-for-bitcoin-exchange-gemini","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bloomberg-foresees-a-hard-landing-for-bitcoin-exchange-gemini\/","title":{"rendered":"Bloomberg Foresees a ‘Hard Landing’ for Bitcoin Exchange Gemini"},"content":{"rendered":"

The Gemini cryptocurrency exchange, founded by the Winklevoss twins, has embarked on a business transformation amid a market downturn. This restructuring demands time, resources, and leaves little room for error, according to Bloomberg<\/a>.<\/p>\n

In September 2025, the platform went public on Nasdaq<\/a> through an IPO<\/span>. Gemini issued 15.18 million Class A shares at $28 each, exceeding the planned range of $24-26, raising $425 million.<\/p>\n

At its peak, the company’s market capitalization approached $4 billion. By the time of writing, it had plummeted to $661.5 million, a drop of nearly 85%. GEMI’s stock consistently closed lower each month.<\/p>\n

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Source: Yahoo Finance<\/a>.<\/figcaption><\/figure>\n

In early February, Gemini announced it was laying off 25% of its workforce and exiting the UK, EU, and Australian markets. Later, the company parted ways with three top executives: CIO<\/span> Marshall Beard, CFO Dan Chen, and General Counsel Tyler Mead.<\/p>\n

According to Bloomberg, the exchange also quietly reduced its US staff.<\/p>\n

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“The main issue is that Gemini’s management bet heavily on the continued growth of the cryptocurrency market until 2027, but instead, digital asset prices collapsed,” stated Truist Securities analysts Matthew Coad, Lucas Ramadan, and Cameron Macleod.<\/p>\n<\/blockquote>\n

The exchange has never been among the market leaders, and its lag has only worsened. In January, its share of the spot crypto trading market was 0.1%, down from an already modest 0.6% in June 2025.<\/p>\n

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“Their strategy needs to change,” emphasized Coad.<\/p>\n<\/blockquote>\n

New Strategy<\/h2>\n

Amid declining cryptocurrency trading revenues, Gemini co-founders Cameron and Tyler Winklevoss signaled a shift in business focus.<\/p>\n

The company plans to concentrate on developing a platform for prediction markets, custodial services, and issuing credit cards. In trading, the priority jurisdictions are the US and Singapore.<\/p>\n

Gemini has decided not to hire a new chief operating officer, with Cameron Winklevoss taking on some of the responsibilities.<\/p>\n

In a statement, the brothers acknowledged that succeeding in foreign markets proved more challenging than expected. The company became “overburdened by increased organizational and operational complexity,” leading to higher costs.<\/p>\n

Despite the difficulties, Tyler Winklevoss noted in a post on platform X:<\/p>\n

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“The sentiment in the cryptocurrency market is so bad right now that, honestly, I’m quite optimistic.”<\/p>\n<\/blockquote>\n

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Then why has the Arkham tagged @winklevosscap<\/a> wallet been selling off bitcoin nonstop for a year straight? pic.twitter.com\/0SFaYs3yul<\/a><\/p>\n

\u2014 Pledditor (@Pledditor) February 23, 2026<\/a><\/p><\/blockquote>\n