From "a glorious IPO" to "massive layoffs just to survive," crypto exchange Gemini (NASDAQ:GEMI) accomplished this transition in less than half a year, with its stock price plummeting nearly 90% from its peak.

To date, Gemini has accumulated layoffs of approximately 30%, leaving only 445 employees, and has gradually exited markets in the UK, European Union, and Australia.

Cumulative losses for 2025 reached as high as $585 million, with Q4 2025 revenue around $60 million, yet losses continue to expand.

The core logic of an exchange is that revenue comes from trading volume. With the current market downturn and declining trading volume, listed exchanges face high compliance costs, fixed expenses cannot be reduced, and losses continue to expand.

It's not just Gemini that is retreating—Crypto.com has laid off staff, Kraken has suspended its IPO—all indicating that the exchange industry is entering a phase of contraction and deleveraging.