According to BroadChain, cryptocurrency exchange Gemini saw its market value shrink by over 50% in 2026 and laid off 30% of its staff.
Internally, discussions are underway to request founders Tyler Winklevoss and Cameron Winklevoss to forgive the hundreds of millions of dollars in loans they provided to Gemini or to convert the debt into equity.
As of the end of December 2025, Gemini owed 4,619 BTC, valued at over $330 million at current prices. Securities filings show that Gemini incurred a loss of $585 million last year.
Additionally, Gemini plans to exit the UK, EU, and Australian markets, and several executives have already departed. Currently, the Winklevoss brothers hold the majority of voting rights and have not yet indicated whether they support the proposal.