America’s favorite twins are struggling these days, as Bitcoin’s crash continues to hammer their decade-old crypto exchange, Gemini Space Station Inc.
With Bitcoin down by over 40 percent since its record highs in fall of 2025, Bloomberg reports that shares for Cameron and Tyler Winklevoss’ crypto marketplace have collapsed by more than 80 percent from their 2025 highs, wiping out over $3 billion in market value. The situation seems to be rattling the enterprise to its core, coming the same week that Gemini moved to kick its chief operating officer, financial officer, and legal officer to the curb.
Earlier in February, the dynamic duo — both portrayed in 2010’s “The Social Network” by Armie Hammer, back before we knew he was a cannibalism fetishist — announced Gemini was slashing at least a quarter of its total workforce and drawing down operations across the UK, Europe, and Australia. As it happened, the company went beyond its stated 25 percent reduction in headcount as it began cutting even more jobs in the US, Bloomberg reported.
A peek under the hood at Gemini reveals that its spending has been growing far faster than its revenue. According to a report filed last week, the company’s annual expenses grew to around $525 million in 2025, up from $308 million the year before. Net revenue, however, only came out to around $170 million, mostly driven by a new credit card scheme, and well short of what the company needs to break even, let alone carve out a profit.
Keep in mind, even though Bitcoin started to tumble late into 2025, the crypto market had a banner year as a whole. If the Winklevii couldn’t make hay while the sun was shining on the best crypto market ever seen following the election of industry super-ally Donald Trump, it tracks that they wouldn’t fare well when the wildly volatile digital currencies inevitably experience a period of bust.
All in all, the continual collapse of one of the longest-standing crypto exchanges is a major red flag for the “industry” writ large, and financial analysts aren’t pulling their punches.
“The biggest issue here is that Gemini’s management team placed a big bet on the crypto bull market run continuing through 2027 and instead crypto asset prices have cratered,” analysts at the investment bank Truist Securities wrote in a note Tuesday viewed by Bloomberg. “Their strategy needs to change.”
As for the billionaire twins, their work is just getting started. Bloomberg reports that Cameron Winklevoss — Gemini’s president — will be assuming roles previously overseen by the erstwhile COO, and we can only assume that Tyler, the CEO, will be adding more to his plate as well.
The two had previously taken Gemini public on the Nasdaq Index in September, dazzling investors right before things began to turn ugly for crypto in October.
As Truist analyst Matthew Coad told Bloomberg: “they made the wrong bet at the wrong time.”
