Dive Brief:
- Gemini is “parting ways” with its CFO, Dan Chen; chief operating officer, Marshall Beard; and chief legal officer, Tyler Meade, effective Tuesday, the crypto exchange disclosed in a securities filing.
- The company named Danijela Stojanovic, who has been Gemini’s chief accounting officer since May, as interim CFO and appointed Kate Freedman, who has served as associate general counsel and corporate secretary since November, as its interim general counsel, according to Tuesday’s filing.
- The C-suite shakeup comes amid a “crypto winter” in which the price of bitcoin has fallen nearly 47% from its October high of $126,198, according to Yahoo Finance.
Dive Insight:
Gemini’s own stock price has seen an even steeper dropoff than crypto’s flagship currency. The company began trading on the Nasdaq exchange Sept. 12 at $37.01 per share and rose to a high of $45.89 that day but has lost roughly 86% of its value since.
Gemini does not intend to appoint a successor COO “at this time,” it said Tuesday, noting that those duties will be assumed by Cameron Winklevoss, the company’s president, who co-founded the exchange alongside his twin brother Tyler, who is CEO.
Beard resigned from his role on Gemini’s board, and the company asserted his departure was not the result of any disagreement between him and the firm “on any matter relating to the company’s operations, policies or practices.”
Tuesday’s filing did not disclose whether there were any disagreements between it and Chen or Meade. Gemini did not immediately respond to a request for comment on the reasons for the departures.
The company indicated, though, that it expects to enter into separation agreements with “potential eligibility” to provide additional transition services for the departed executives for a “limited period of time,” according to Tuesday’s filing.
The executive exits come less than two weeks after Gemini signaled it would shrink its workforce by about 25%, or up to 200 global employees, wind down operations in the U.K., the European Union and Australia, and pivot toward the prediction market.
In connection with the plan, the company estimated it will have a pre-tax restructuring and related charges of about $11 million.
Gemini on Tuesday said its financial results for 2025 are not yet available, but that it expected to report an adjusted EBITDA loss of between $257 million and $267 million, including net and unrealized losses, on a preliminary unaudited basis.
The company added that it expected its revenue to increase to between $165 million and $175 million, compared with $141 million at the end of 2024. However, Gemini also estimated its operating expenses jumped to between $520 million and $530 million, compared with $308 million a year earlier. The company attributed that to “higher personnel-related costs, including stock-based compensation, and investments in technology, general and administrative expenses and marketing investments.”
Gemini also noted monthly transaction users increased by 17%, to 600,000, throughout 2025.
Chen, formerly the vice president of capital markets and bank partnerships for buy now, pay later company Affirm, joined Gemini last spring.
His interim successor, Stojanovic, joined the company from Blue Apron, where she served as senior vice president of finance and accounting and helped support the subscription box company’s IPO in 2017.
As interim CFO, Stojanovic is eligible for an annual base salary of $450,000 and a restricted stock unit award of 132,275 shares, according to Tuesday’s filing.
