Cameron and Tyler Winklevoss spent more than a decade building Gemini Space Station Inc. into one of crypto’s longest-running exchanges, among the first to secure major US regulatory approvals and a survivor of the industry’s repeated cycles of scandal and collapse.
Now, after a more than 40% plunge in Bitcoin erased the bull market that helped underpin the money-losing company’s growth plans, Gemini is testing just how fast it can reposition — with little margin for error.
Earlier this month, Gemini said it was axing as much as a quarter of its staff and exiting the UK, European Union and Australia entirely. This week, it parted with its chief operating officer, chief financial officer and chief legal officer, all in a single day. Its stock has fallen more than 80% from a post-listing high last year, collapsing its market value from a peak of almost $4 billion to under $700 million.
Source: Winklevoss’ Gemini Gemini Risks a Hard Landing After Crypto Rout – Bloomberg