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Gemini Shares Surge Despite Major Losses
20 Mar
Summary
- Gemini's shares rose 11% in after-hours trading.
- Company workforce reduced by 30% this year.
- Gemini lost over $500 million last year.
Gemini Space Station Inc. experienced an 11% increase in its shares during after-hours trading on March 20, 2026. This rise occurred despite the company's stock being down nearly 40% year-to-date, driven by concerns about its path to profitability. The crypto exchange has undergone substantial workforce reductions, with about 30% of its staff eliminated since the beginning of 2026. These cuts followed earlier layoffs and an announcement that Gemini would exit the UK, European Union, and Australia entirely.
Despite these significant changes, Gemini is focusing on enhancing productivity through the deployment of artificial intelligence tools. The company reported a substantial net loss of $585 million for the full year 2025, which included unrealized losses on crypto assets. Fourth-quarter 2025 revenue increased by nearly 40% to approximately $60 million, though its loss widened to $140.8 million for that quarter.
Gemini, holding less than 1% of the global crypto market share, is navigating a challenging market environment alongside competitors like Crypto.com and Coinbase. The Winklevoss twins, founders of Gemini, have characterized the company's current situation as a learning opportunity, drawing parallels to their rowing experience to describe their approach to overcoming setbacks.
