By Nate Wolf

Gemini Space Station's turbulent start to 2026 continued Tuesday as the crypto platform announced the departure of three top executives and issued weaker-than-expected preliminary results for fiscal 2025. The stock fell sharply.

The company said in a regulatory filing Tuesday that it is parting ways with Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade. Beard also resigned from his role on Gemini's board.

Danijela Stojanovic and Kate Freedman will take over as interim chief financial officer and interim general counsel, respectively. Co-Founder and President Cameron Winklevoss will assume many of Beard's duties as chief operating officer.

Gemini, which is led by Winklevoss and his twin brother Tyler, also forecast an adjusted loss before interest, taxes, depreciation, and amortization of $257 million to $267 million for fiscal 2025. Analysts had expected an adjusted Ebitda loss of $227 million, according to FactSet. The company is expected to report official results on Feb. 25.

Gemini stock sank 13% to $6.55 on Tuesday. Shares are down more than 75% from their September initial public offering price of $28 apiece.

The executive shake-up follows the company's announcement earlier this month that it would wind down operations in the United Kingdom, Europe, and Australia, and lay off up to 200 employees, or around 25% of its workforce. The move is part of a broader push to reduce operating expenses and reach profitability.

"These foreign markets have proven hard to win in for various reasons and we find ourselves stretched thin with a level of organizational and operational complexity that drives our cost structure up and slows us down," the Winklevoss twins wrote in a blog post. "And we don't have the demand in these regions to justify them."

Falling crypto prices and weak trading volume have weighed on crypto platforms and brokerages like Gemini, Coinbase Global, and Robinhood Markets over the last several months.

Write to Nate Wolf at nate.wolf@barrons.com

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February 17, 2026 11:54 ET (16:54 GMT)

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