GEMI falls after COO, CFO, CLO exits, adjusted EBITDA guide

GEMI drops ~13% after COO, CFO, CLO departures

February 17, 2026 , Gemini Space Station Inc. (NASDAQ: GEMI) fell by a double‑digit percentage intraday after the company disclosed the departures of three senior executives: COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade, as reported by The Block. In the interim, co‑founder Cameron Winklevoss is assuming many COO responsibilities, signaling near‑term leadership consolidation while a broader search proceeds.

The moves concern the Winklevoss‑led crypto exchange and custodian and should not be conflated with Alphabet’s AI model that shares the Gemini name. The timing and concentration of departures amplified focus on governance, continuity of controls, and the company’s ability to execute operational plans amid volatile crypto activity.

2025 adjusted EBITDA guidance misses consensus, intensifying loss outlook

GEMI projected a fiscal 2025 adjusted EBITDA loss of $257 million to $267 million versus a roughly $227 million loss expected by analysts, as reported by Barron’s. The guidance gap points to operating costs outpacing revenue growth and suggests the margin recovery timeline could be longer than equity markets had implied.

Shares are now down about 75% from the September 2025 IPO price of $28, according to the same report. The combination of a deeper‑than‑anticipated loss outlook and sudden leadership turnover has sharpened investor scrutiny of the company’s path to profitability and internal execution.

Analysts cut targets; valuation reset follows leadership uncertainty

Sell‑side firms moved to recalibrate assumptions following the guidance and leadership changes. Cantor Fitzgerald reduced its target and trimmed revenue/multiple inputs, while Evercore ISI, Morgan Stanley, Mizuho, and Rosenblatt also lowered ratings or targets, according to The Smart Investor. Together, these actions reflect a valuation reset driven by concerns over execution risk and cost discipline.

Restructuring steps , including workforce reductions of roughly 25% and exits from select international markets , were highlighted in recent coverage by the New York Post. These measures could ease the expense run‑rate over time but may also limit longer‑term international growth, underscoring the trade‑off management faces as it prioritizes profitability.

One institutional voice framed the optics risk bluntly before any turnaround can gain traction. “A big shakeup,” said ETF analyst James Seyffart, referring to the simultaneous departures and their potential impact on investor confidence.

At the time of this writing, Coinbase Global (COIN) traded up about 2.3% intraday, based on data from Yahoo Finance, illustrating that broader crypto‑equity sentiment can diverge from company‑specific resets. For GEMI, subsequent disclosures and any stabilization of the operating team may be pivotal to reassessing risk, costs, and capital needs.