Gemini exchange parts ways with CFO, COO and CLO in ‘big shakeup’
Quick Take
- Gemini signaled it will not replace its COO, with co-founder Cameron Winklevoss absorbing key operational and revenue responsibilities.
- Preliminary figures show operating costs continuing to outpace revenue growth, keeping profitability a central concern for investors.
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Gemini is parting ways with three top executives, according to a Form 8-K filing published Tuesday, marking a major leadership reshuffle at the crypto exchange.
The company said Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade will all depart effective Feb. 17. Beard also resigned from Gemini’s board of directors, with the company stating his exit was not due to disagreements over company operations or policies.
Gemini said it does not intend to appoint a new COO, with co-founder Cameron Winklevoss assuming many of Beard’s responsibilities, including revenue-generating functions.
The board appointed Chief Accounting Officer Danijela Stojanovic as interim CFO, while associate general counsel and corporate secretary Kate Freedman will step in as interim general counsel.
ETF analyst James Seyffart described the moves as a “big shakeup” at Gemini, in a post on X following the filing.
Shares of Gemini Space Station (NASDAQ: GEMI) fell roughly 9% in premarket trading to around $6.90 following the filing, according to The Block price data. The stock hit an all-time low near $6.50 last week as crypto-related equities broadly struggled, with the executive departures adding to investor concerns around the company’s path to profitability.
Gemini posts preliminary results
The leadership overhaul comes as Gemini released preliminary, unaudited results showing user and revenue growth in 2025, but widening losses as expenses climbed.
Monthly transacting users rose roughly 17% year over year to around 600,000, while net revenue is expected to reach between $165 million and $175 million, up from $141 million in 2024.
Operating expenses, however, are projected to jump to as much as $530 million, leading to adjusted EBITDA losses of roughly $260 million and net losses approaching $600 million for the year.
The Block has reached out to Gemini for additional comment on the executive departures, but has not received a response by publication time.
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