Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, announced Thursday that it will cut 25% of its workforce and close operations in the UK, EU and Australia as part of a major restructuring.
The move comes as Bitcoin fell below $70,000 on Thursday morning, erasing gains since an all-time high of $69,000 in late 2021.
The exchange said it would refocus its activities on the US AI-powered productivity and forecasting markets. In the “Gemini 2.0” update, the company emphasized that smaller AI-enabled teams are now more effective and better aligned with the evolving mission.
Gemini highlighted early traction in its Gemini Predictions platform, which has handled more than $24 million in volume since launching in December.
The news comes as Gemini has confirmed it will close its business $NFT marketplace Nifty Gateway on February 23, after a prolonged decline in sales $NFT trading volumes. However, users have been instructed to withdraw their assets before the shutdown $NFT support continues through Gemini Wallet.
The announcement coincided with new pressure on the crypto markets. Gemini stock, which debuted in September 2025, fell nearly 7% on Thursday, pushing losses to nearly 80% from its IPO price and marking a new low.
Gemini said reducing its geographic footprint and product focus would help reduce costs and accelerate its path to profitability.