Gemini Space Station $GEMI ( ▼ 3.19% ) plunged after the crypto firm announced the sudden departure of three senior leaders, including its COO, CFO, and chief legal officer. The exits take effect immediately and include the resignation of COO Marshall Beard from the board, signaling a significant restructuring at the top.
Investors reacted swiftly, sending shares sharply lower and deepening the stock’s losses for the year.
Founders step in as leadership reshuffles
The company said it does not plan to replace the COO role for now. Many of Beard’s responsibilities, including revenue-related duties, will be absorbed by cofounder Cameron Winklevoss alongside his existing leadership role.
Interim appointments have been made to stabilize operations. Chief accounting officer Danijela Stojanovic will serve as temporary CFO, while Kate Freedman steps in as interim general counsel.
Cuts and closures add to uncertainty
The leadership overhaul follows aggressive cost-cutting measures earlier this month, including a 25% workforce reduction and the shutdown of operations in the United Kingdom, European Union, and Australia. These moves reflect broader pressure across the crypto industry as trading activity and valuations remain subdued.
Despite the turmoil, Gemini expects full-year revenue to increase modestly compared with the prior year. However, the company also anticipates a substantial adjusted loss, highlighting the difficult path to profitability.
Coming just months after its IPO, the shakeup raises questions about strategy, governance, and the firm’s ability to navigate a challenging crypto market. For investors, the sudden changes suggest a company still searching for stability in a volatile sector.