Gemini Layoffs 2026: Crypto Exchange Cuts 30% Workforce After $582M Loss

The crypto shakeout is getting real, and the biggest AI giant, Gemini, is right in the middle of it. According to a Bloomberg report, the Winklevoss-led exchange has slashed nearly 30% of its workforce in 2026, as it leans heavily into AI while battling falling market share and deep losses. 

Streamlining Operations

This reduction comes as part of a broader effort to optimize efficiency and focus on core business areas. Software development and other production tasks have been restructured, allowing Gemini to operate with a leaner team while maintaining service quality.

The move aligns with similar steps across the sector. For instance, Singapore-based Crypto.com recently announced a 12% reduction in its workforce to improve operational efficiency, while other major firms have been revising their internal structures to remain competitive.

Market Slump Hits Hard

Behind this restructuring is a brutal market reality. Bitcoin, which was trading near $115,000 around Gemini’s IPO in September 2025, has since dropped to the $60,000 range, putting pressure on trading volumes and revenues.

As a result, Gemini posted a massive net loss of $582.81 million for 2025, highlighting how tough conditions have become even for major exchanges. To make things worse, Gemini’s market share remains under 1% compared to giants like Coinbase, putting it at a clear disadvantage in a highly competitive space.

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Focus on the US Market and Diversification

With market share still under 1% compared to major exchanges like Coinbase, Gemini has shifted its focus to the United States, exiting the UK, EU, and Australian markets. This allows the company to concentrate its resources on regions with stronger prospects.

In addition to its trading platform, Gemini is seeing growth in non-trading sectors. Its credit card service grew 15-fold year-over-year, with portfolio balances reaching $21.8 million by Q4 2025. Meanwhile, the forecast market platform launched in December has already attracted over 15,000 users, demonstrating promising uptake.

Learning from Challenges

Tyler Winklevoss revealed the lessons the company is taking from its current path. “We started as a bitcoin company and now operate across multiple market sectors,” he said in a recent shareholder letter. “We welcome feedback and use it to strengthen our approach, just like our journey to the Olympics taught us discipline and perseverance.”

Gemini’s strategy shows a clear focus on concentrating resources, improving efficiency, and diversifying services, all aimed at stabilizing operations during a challenging market phase.

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