Gemini to exit U.K., EU and Australia, reduce staff by 25%, and focus on U.S. and prediction markets

Core Insights - Gemini Space Station Inc. is ceasing operations in the U.K., EU, and Australia, focusing resources on prediction markets [1][2] - The company is reducing its workforce by 25% as part of this strategic shift [1] - Gemini's leadership believes that prediction markets will surpass traditional capital markets in size and importance [4][5] Group 1: Operational Changes - Effective April 6, 2026, Gemini will stop operations in the U.K., with customer accounts entering withdrawal mode starting March 5, 2026 [2] - The company has partnered with eToro to facilitate the offboarding process for customers in these regions [2] - New account creation and incentive programs will be disabled as part of the operational shutdown [2] Group 2: Market Performance - Crypto equities have underperformed compared to broader markets, reflecting a decline in investor appetite and tighter liquidity [3] - Since going public in September, Gemini's shares have fallen approximately 23% amid a broader downturn in crypto prices [6] Group 3: Strategic Focus - The Winklevoss twins, CEO and President of Gemini, cited challenges in gaining traction in international markets as a reason for the exit [4] - They emphasized the strength of the U.S. capital markets and the company's intention to concentrate efforts there [4] - Gemini has seen over 10,000 users trade more than $24 million on its prediction marketplace since its launch in mid-December [5]