Winklevoss’ Gemini Risks a Hard Landing After the Crypto Rout

Cameron and Tyler Winklevoss spent more than a decade building Gemini Space Station Inc. into one of crypto’s longest-running exchanges, among the first to secure major US regulatory approvals and a survivor of the industry’s repeated cycles of scandal and collapse.

Now, after a more than 40% plunge in Bitcoin erased the bull market that helped underpin the money-losing company’s growth plans, Gemini is testing just how fast it can reposition — with little margin for error.