From "glorious IPO" to "massive layoffs to survive," the

From "glorious IPO" to "massive layoffs to survive," the cryptocurrency exchange Gemini (NASDAQ:GEMI) took less than half a year, with its stock price dropping nearly 90% from its peak.As of now, Gemini has laid off about 30% of its workforce, leaving only 445 employees, and has gradually exited the UK, EU, and Australian markets.
Cumulative losses reached as high as $585 million in 2025, with fourth-quarter revenue around $60 million, but losses continue to widen.
The core logic of the exchange is that revenue comes from trading volume, and with the current market downturn, trading volume has declined, the compliance costs for listed exchanges are high, and fixed expenses cannot be reduced, leading to continued losses.
It's not just Gemini that is retreating; Crypto.com has laid off employees, and Kraken has paused its IPO, indicating that the exchange industry is entering a contraction and deleveraging phase.

.css-1iqe90x{box-sizing:border-box;margin:0;min-width:0;color:#EAECEF;}From "glorious IPO" to "massive layoffs to survive," the cryptocurrency exchange Gemini (NASDAQ:GEMI) took less than half a year, with its stock price dropping nearly 90% from its peak.

From "glorious IPO" to "massive layoffs to survive," the cryptocurrency exchange Gemini (NASDAQ:GEMI) took less than half a year, with its stock price dropping nearly 90% from its peak.