Crypto exchange Gemini (GEMI) is facing a period of significant upheaval, as three of its top executives exit the company just months after its New York initial public offering (IPO).
Gemini COO, CFO And CLO Leave The ExchangeBeard has also stepped down from Gemini’s board of directors. The company stated in the filing that Beard’s resignation was not the result of any disagreement with the firm.
Gemini indicated it does not plan to replace Beard at this time. Instead, President Cameron Winklevoss will take on several of the former COO’s responsibilities. The company named Chief Accounting Officer Danijela Stojanovic as interim chief financial officer, while Kate Freedman will step in as interim general counsel.
Post-IPO Struggles DeepenNet revenue is projected to come in between $165 million and $175 million, with approximately 600,000 monthly transacting users as of Dec. 31. Operating expenses are forecast to reach between $520 million and $530 million, a substantial increase from $308 million a year earlier.
Gemini attributed the rise largely to higher personnel-related costs and continued investments in technology, administrative functions, and marketing efforts. The company has not yet announced a definitive date for its full earnings release.
The exchange’s shares trading under the ticker name GEMI fell sharply on Tuesday, dropping nearly 15% to a record intraday low. As of this writing, the stock was down as much as 14% at $6.64, marking its steepest one-day decline since November.
Featured image from OpenArt, chart from TradingView.com
