It has just been confirmed that Gemini cut 30% of its staff since the beginning of the year. The figure is staggering: it went from about 630 employees to just 445 in March. But what’s interesting is the context behind these numbers.

The company founded by the Winklevoss brothers is under serious pressure. It reported an annual loss of $585 million, including unrealized crypto losses. Specifically, in Q4, they lost $140.8 million, compared to $27 million in the previous quarter. So, revenue increased nearly 40% to $60 million, but losses skyrocketed. The official justification: a transition to AI to improve operational efficiency.

What catches my attention is that Gemini operates with less than 1% of the global market share. To put it into perspective: Coinbase has 11 times more employees (4,951) and trading volumes nearly 42 times higher. In a market where Bitcoin has fallen 44% from its October peak, competition is fierce.

And Gemini is not alone in this. Other major exchanges are also adjusting their staff. We’ve seen similar cuts in the industry: some operators have reduced 12% or 25% of their teams, citing market pressure and adaptation to AI-driven changes. Even outside crypto, Block Inc. eliminated over 4,000 jobs.

The trend is clear: when the market tightens, AI becomes the perfect excuse to cut costs. Fewer people, more automation. Some will rehire later, others won’t. What’s happening is a deep restructuring of the industry, and we are only seeing the beginning of these changes.