The exchange’s chief legal officer, chief operational officer, and chief financial officer are all leaving, and Cameron Winkelvoss will have to do more work.
Gemini Space Station, the parent firm of the cryptocurrency exchange Gemini, announced that three of its top executives would be leaving right away. Cameron Winklevoss, one of the business’s founders, will take on more duties.
Gemini filed papers with the US Securities and Exchange Commission on Tuesday saying that company will be “parting ways” with Marshall Beard, the chief operational officer, Dan Chen, the chief finance officer, and Tyler Meade, the senior legal officer.
The business said it did not plan to hire a new Beard, who also left Gemini’s board. Winklevoss is likely to be in charge of making money. Danijela Stojanovic, who used to be Gemini’s chief accounting officer, is now the company’s interim CFO.
Post-IPO market reaction and separation terms
The leadership change occurred about five months after Gemini went public on the Nasdaq and raised $425 million in its first month. At the time of writing, shares of Gemini Space Station were trading at $6.54, down more than 13% from the previous day’s advances on US stock markets.
We expect to sign a separation agreement with each of these people, which would allow them to continue providing transition services for a limited time in exchange for their base salary and benefits, stated Gemini.
The SEC dismissed a civil complaint against Gemini Trust Company in January, citing the company’s unregistered securities offering. The firing was the most recent action by the financial authority, which has been less strict with crypto businesses since President Donald Trump took office.
Strategic retrenchment outside the United States
Gemini had just a few weeks before this change in leadership indicated it would focus a lot of its resources on growing its business in the US and improving its prediction market platform. Gemini announced it will lay off 25% of its workers when it left the markets in the UK, EU, and Australia.
The company filed on Tuesday to give a preview of its results for the year ending December 31, 2025. They said that net sales is estimated to be between $165 million and $175 million, up from $141 million for the year ending December 31, 2024. The main reason for the improvement is that services revenue went up, which was mostly due to an increase in credit card revenue.