Gemini disclosed a leadership overhaul that will send Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade out of their roles on Feb. 17. The plan appeared in a Form 8-K filed Tuesday and came alongside a broader effort to reduce costs and narrow the company’s geographic footprint.
The filing said Gemini intends to enter separation agreements with all three executives. They may remain for a limited period to help with the transition, receiving base salary and benefits during that time but no additional bonuses or incentive compensation. Beard also resigned from Gemini’s board on the same date, and the company said his departure was not tied to disagreements over operations, policies, or practices.
Founders and interim appointees will absorb the departing executives’ duties
Gemini said it will not replace the chief operating officer role. Co-founder Cameron Winklevoss will take over many of Beard’s responsibilities, including duties tied to revenue. The board appointed Chief Accounting Officer Danijela Stojanovic as interim CFO, while Associate General Counsel and Corporate Secretary Kate Freedman will serve as interim general counsel.
After the filing was released, ETF analyst James Seyffart described the moves as a “big shakeup” in a post on X. The comment followed a filing that laid out one of the exchange’s biggest management changes in recent months.
Gemini is shutting operations in the UK, EU and Australia
The executive departures arrived with an operational restructuring announced earlier this month. Gemini said Gemini Space Station Inc. will stop operating in the United Kingdom, the European Union, and Australia. The company also said it would cut about 25% of its workforce to lower expenses and concentrate on core priorities.
Management said expansion across many countries added operational complexity and pushed expenses higher. Gemini operates in more than 60 countries, but demand in some regions was not strong enough to support continued growth. Future operations will center primarily on the U.S., which management identified as the company’s strongest market.
Revenue rose, but losses and operating costs remained heavy
Unaudited results for the previous year showed mixed trends. Company data indicated monthly transacting users climbed about 17% year over year to roughly 600,000. Net revenue is projected at $165 million to $175 million, up from $141 million in 2024.
Expenses grew much faster than revenue. Gemini estimated operating costs could reach $530 million, with adjusted EBITDA losses of about $260 million. Total net losses for the year may approach $600 million. The company had already announced layoffs earlier this month, and reports said market participants reacted negatively to the disclosed loss figures.