Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss, has reduced its staff size by over 30% since January. As of March 1, the company employed about 445 people, which indicates that the number of employees has been reduced by more than 25% since February.
“AI is currently utilised in over 40% of our production code changes, and we anticipate that number to rise to nearly 100% in the not-too-distant future,” they have stated, adding, “Not utilising AI at Gemini will soon be akin to arriving at work using a typewriter rather than a laptop.”
According to the Winklevoss brothers, the hiring decrease is a part of a forward-looking process rather than a retreat because of financial hardship.
In 2026, several tech organisations, including Block (4,000 layoffs), Meta (reportedly anticipating 20% layoffs), and Crypto.com (12% cuts announced the same day), have linked employment reductions to the adoption of AI.
However, in Gemini’s case, the AI story is set against a backdrop that makes it more difficult to accept at face value: the company has lost up to $602 million annually, three continents have been abandoned, three C-suite executives have left, and its stock has dropped 79% from its IPO price.
Compared to what was first revealed, the restructuring has been more extensive and quicker.
Gemini had declared on February 5, 2026, that it would retrench up to 25% of its employees, or about 200 jobs in Singapore and the United States. However, the March 19 shareholder letter verified that the real decrease had hit 30%.
According to Gemini’s letter to shareholders, the company’s staff has decreased by roughly 30% because of restructuring that has been underway since the year’s beginning. It employed about 445 people as of March 1.
According to Bloomberg’s story, further reductions to the U.S. staff were the source of the extra cuts beyond the initial 25% declaration.
During the 2021 bull market, the company had up to 1,000 employees. Crypto.com’s own decline from over 5,000 people to around 3,600 after several rounds of layoffs since 2022 is reflected in the current workforce of 445, which is more than half of peak levels.
The reorganisation announcement was backed by financial results that show a company undergoing significant change.
Gemini recorded its greatest quarterly sales in three years with Q4 net revenue of $56.4 million, up 13% sequentially. Total sales for the entire year were $179.6 million, a 26% increase from the previous year. Q4 adjusted EBITDA was negative $92.2 million, and Q4 net loss was $140.8 million.
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