BroadChain has learned that cryptocurrency exchange Gemini saw its market value drop by more than 50% in 2026, leading to a 30% reduction in its workforce.
Internally, the company is discussing a proposal for founders Tyler and Cameron Winklevoss to forgive hundreds of millions 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, worth over $330 million at current prices. Securities filings show the exchange posted a loss of $585 million last year.
Gemini also plans to exit the UK, EU, and Australian markets, and several senior executives have already left. The Winklevoss brothers retain majority voting control but have not yet signaled their stance on the proposal.