winklevoss

Leadership Vacuum Sends Shares Tumbling
#GeminiSpaceStationInc faced a sharp market backlash on Tuesday as its stock plunged more than 14% following the immediate departure of three top executives. Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade all exited their roles without transition periods, leaving investors to process the sudden leadership vacuum just five months after the company’s Nasdaq debut at $28 per share.
By Tuesday afternoon, shares had fallen to $6.47, marking an 86% decline from Gemini’s IPO price and dragging the firm’s market capitalization down to roughly $760 million from its initial $4.4 billion valuation.
On paper, #Gemini 's September IPO raised $425 million in fresh capital, but the subsequent months have seen mounting losses and a shrinking executive team. The abrupt nature of this leadership shakeup—especially so soon after going public—has amplified market jitters and left open questions about the company’s direction.

Gemini announced it would cut about 25% of its global workforce and exit the U.K., EU, and Australian markets as part of its restructuring.
#Winklevoss Steps In Amid Mass Exodus
The company confirmed that Marshall Beard would not be replaced as COO; instead, co-founder Cameron Winklevoss will absorb many of Beard’s operational and revenue-generating responsibilities. Beard has also resigned from Gemini’s board of directors, further consolidating control within the founding team. Meanwhile, Danijela Stojanovic, previously chief accounting officer since May 2025, has been named interim CFO, while Kate Freedman steps in as interim general counsel.
It is unclear whether these interim appointments will bring stability or simply buy time for deeper restructuring.
At least one other high-level staff member from Gemini’s Asia-Pacific division was also let go on Tuesday, signaling that the shakeup extends beyond just the C-suite. According to decrypt.co, these changes come amid broader layoffs affecting roughly 25% of Gemini’s global workforce—a significant reduction for a firm once touting international ambitions.
Gemini Retreats to U.S. Stronghold
Alongside its leadership overhaul, Gemini is making a decisive strategic retreat from overseas markets. The company recently announced plans to shutter its crypto exchange operations in the United Kingdom, European Union, and Australia. This shift marks a stark reversal from earlier expansion efforts and signals a renewed focus on core U.S. offerings and prediction markets.
While Gemini expects net revenue for year-end 2025 to land between $165 million and $175 million—up from $141 million in 2024—these projections are overshadowed by anticipated net losses of up to $602 million next year and adjusted EBITDA losses approaching $267 million.
The SEC dismissed its civil case against Gemini Trust Company in January over alleged unregistered securities offerings—a legal win that could have provided breathing room. However, persistent financial headwinds and market exits have left investors wary about whether Gemini can regain momentum with a narrower geographic focus.
Boardroom Upheaval Jolts Post-IPO Hopes
Gemini’s rapid-fire executive departures come at a precarious moment for both the company and its shareholders. The decision not to appoint a successor COO—and instead fold those duties into Cameron Winklevoss’ portfolio—underscores both urgency and uncertainty at the top. For now, interim leaders like Stojanovic (CFO) and Freedman (general counsel) face the challenge of navigating through ongoing layoffs and operational cutbacks while reporting to a board that has itself just lost a key member.
Investors are left asking: can consolidation under Winklevoss restore confidence or will continued volatility deepen skepticism? With shares trading below $7—down more than 13% on Tuesday alone—the market verdict remains grim for now.
Key Learnings
Gemini stock dropped over 14% to $6.47 on Tuesday, down 86% from its $28 IPO price in September 2023.COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade departed immediately, with no successor COO planned; Cameron Winklevoss assumes key duties.Gemini will cut about 25% of staff and exit the U.K., EU, and Australia markets as part of restructuring.
What remains under scrutiny
If Gemini’s interim leadership—appointed after the immediate departure of its COO, CFO, and CLO on Tuesday—fails to stabilize operations ahead of its next earnings report, the company’s shares, already down over 86% since its September IPO at $28, could face further pressure in the wake of projected 2025 net losses between $587 million and $602 million as disclosed in recent SEC filings.

The SEC has closed its investigation into Gemini without bringing any charges.
Cameron Winklevoss criticized the SEC, blaming it for massive legal costs and lost innovation.
The U.S. Securities and Exchange Commission (SEC) has formally closed its almost two-year probe of Gemini Trust Co., the crypto exchange established by the Winklevoss twins. Cameron Winklevoss said that the agency has resolved not to seek any enforcement action against the firm.

The investigation lasted 699 days and included a Wells Notice issued 277 days ago, signalling potential legal action. However, despite the SEC’s decision to drop the case, Cameron Winklevoss remains critical and did not express relief or satisfaction over the SEC’s decision in his statement.

Moreover, he condemned the agency’s aggressive approach, asserting that Gemini incurred tens of millions of dollars in legal fees and suffered hundreds of millions in lost productivity and innovation.

Cameron further stated:

“The SEC’s behavior toward other crypto companies and projects has cost orders of magnitude more and caused unquantifiable losses in economic growth for America.”

He urged monetary penalties against the regulatory body to stop future growing pains, especially in regard to the regulation of crypto lawful businesses.

Gemini’s IPO Consideration and Legal Battles
Gemini is also contemplating the issue of an initial public offering (IPO) later this year. Nevertheless, the company has not finalized any decision regarding the same.

In January, the firm agreed to pay $5 million to settle charges with the U.S. Commodity Futures Trading Commission (CFTC) over claims of misleading disclosures. In June 2023, Gemini settled a case with the New York Attorney General’s office for $50 million.

Shift in SEC’s Crypto Enforcement
The move to close the Gemini investigation is consistent with the SEC’s approach to crypto enforcement. Since Acting Chairperson Mark T. Uyeda took over following Gary Gensler’s departure, the agency has adopted a more crypto-friendly approach.

This policy shift follows the SEC’s recent withdrawals of legal actions against Coinbase, OpenSea, Robinhood, and UniSwap. The agency’s retreat has raised speculation that it may adopt a more measured approach in ongoing high-profile cases, including the lawsuit involving Ripple Labs.
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#SEC #Winklevoss

Gemini co-founders Tyler and Cameron Winklevoss have made a major political move, donating 188 Bitcoins valued at $21 million to the Digital Freedom Fund PAC, a newly formed crypto-focused political action committee. The donation was revealed by Tyler Winklevoss in an August 20 X post.
Today, @cameron and I donated $21 million in bitcoin (188.4547 BTC) to the Digital Freedom Fund PAC. The mission of the @FreedomFundPAC is to help realize President Trump’s vision of making America the crypto capital of the world. Since inauguration, @POTUS and his Administration…— Tyler Winklevoss (@tyler) August 20, 2025
PAC Goals and Political Influence
The Digital Freedom Fund PAC outlined ten objectives, including protecting software developers, advancing open banking legislation, and working to defeat Democrats in the 2026 midterm elections.
“Today, @cameron and I donated $21 million in bitcoin (188.4547 BTC) to the Digital Freedom Fund PAC,” Tyler wrote. “The mission of the @FreedomFundPAC is to help realize President Trump’s vision of making America the crypto capital of the world.”
He added, “Since inauguration, @POTUS and his Administration have been delivering on promises made on the campaign trail. We want this unprecedented progress and momentum to continue. Our goal is to support President Trump’s efforts to usher in America’s Golden Age.”
Winklevoss Twins’ Political Engagement
The billionaire twins have long been active in Republican causes. They previously donated $5 million to the pro-crypto super PAC Fairshake and $2 million to President Trump’s 2024 campaign.
Most recently, Politico reported that the twins urged Trump to reject CFTC chairman nominee Brian Quintenz, despite Tyler earlier praising the choice in February.
Shaping U.S. Crypto Policy
The $21 million Bitcoin donation reflects the Winklevoss brothers’ commitment to shaping U.S. crypto regulation and reinforcing Trump’s crypto-friendly agenda. Their move highlights the growing influence of digital assets in American politics and the alignment of top crypto industry leaders with national policy.
As the U.S. advances its role in digital finance, this high-profile donation could impact both regulation and the mainstream acceptance of cryptocurrencies in the financial system.
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