Winklevoss twins' Gemini cuts staff amid bitcoin downturn

NEW YORK

A view of a Bitcoin ATM at Northgate Mall on Feb. 5, 2026.

Cryptocurrency exchange Gemini has announced it will slash roughly a quarter of its workforce and withdraw from multiple international markets, in a deep restructuring amid a sharp downturn in digital assets.

The cuts come as bitcoin trades below $75,000, down from a record high of $126,251 reached in October, with the broader cryptocurrency sector facing regulatory uncertainty and waning investor appetite for risky assets.

The company, founded by billionaire twins Tyler and Cameron Winklevoss, said the restructuring reflects how artificial intelligence has transformed productivity at the firm, allowing fewer employees to accomplish more work.

"Doing more with less has never been more true or possible," the brothers wrote in a statement on Feb. 5, making no mention of the bitcoin downturn.

Gemini's workforce peaked at approximately 1,100 employees in 2022. By late 2025, it had already been reduced to about half that size. The latest cuts will trim another 25 percent from current staffing levels.

The cryptocurrency exchange will also exit the British, European Union and Australian markets to concentrate resources on the United States.

The announcement comes as the cryptocurrency sector grapples with stalled U.S. legislation and Trump administration uncertainty.

While Congress passed stablecoin regulations backed by President Donald Trump in July, the broader Clarity Act has stalled in the Senate due to pushback from the traditional banking sector.

Amid the market turbulence, Gemini is betting heavily on prediction markets, where users wager on future events.

The Winklevoss twins were made famous as jilted investors in the movie "The Social Network" about the birth of Facebook.