The Great Crypto Slim-Down – Block, Gemini, Cutting Jobs 

TLDR

• The crypto market has been sliding for months.
• Recently, Gemini and Block have announced or are expected to announce layoffs and service cuts.
• While this could appear to be a crypto problem, it’s an economic problem. It just so happens that crypto is the new kid on the block in the US economy.

If you’ve logged into LinkedIn lately, you might have noticed the vibe is a little…tense. It feels like the job market is going through some serious turbulence. And if you’re watching the crypto headlines, you might be wondering if the sky is falling.

Two major industry heavyweights — Gemini and Block — have recently announced significant staffing cuts. It’s enough to make any new investor sweat and wonder if we’re heading for another crypto winter.

But before you panic-sell your portfolio, let’s look at the facts. Yes, the market is down. Yes, these companies are downsizing for one reason or another. But they aren’t the only ones. Jobs are increasingly hard to find across the US. We reviewed the latest reports to determine exactly what’s happening, why companies are slimming down, and why this isn’t just a crypto problem. Let’s get after it.

Gemini 2.0: The Big Pivot

First up is Gemini. The exchange founded by the Winklevoss twins dropped a bombshell blog post announcing they are cutting their workforce by approximately 25%.

This isn’t their first rodeo with layoffs. The company’s headcount peaked at around 1,100 in 2022. By late 2025, they were already down to half that size. Now, they’re trimming another quarter of the staff.

But Why Though?

According to the founders, it’s about focus. Gemini expanded aggressively over the last decade, establishing a presence in more than 60 countries. But operating everywhere is expensive and complicated.

In a move to “simplify, consolidate, then accelerate,” Gemini is exiting the UK, the European Union, and Australian markets. They stated plainly that these foreign markets were “hard to win in” and stretched the company too thin.

Instead, they are doubling down on the US market. Their goal? To build a “truth machine” through prediction markets — a sector they believe will eventually rival traditional capital markets. By shrinking the team and narrowing their geographic focus, they claim they can move faster to build this “Gemini 2.0”.

Block Is Tightening the Belt

Gemini isn’t alone. Block Inc.—the fintech giant behind Cash App, Square, and Afterpay, led by Jack Dorsey — is also looking to trim the fat. Allegedly. This is another one of those “according to a source familiar with the matter” posts that Bloomberg, The WSJ, and other outlets are fond of doing. We don’t know how accurate the following information is or will be.

Bloomberg reported that Block is preparing to cut up to 10% of its workforce. This comes right on the heels of a massive efficiency push. This would be the third major round of cuts for the company in roughly two years, following layoffs in early 2024 and March 2025.

Block has been in a near-continuous state of restructuring. They are winding down their decentralized tech arm (TBD) and scaling back their music streaming platform, Tidal, to prioritize what generates revenue: Bitcoin mining and Cash App.

Like Gemini, Block seems to be pursuing the “leaner is meaner” philosophy. They’re integrating different parts of their business and focusing on gross profit growth, which they project to hit nearly $12 billion by 2026.

Crypto Isn’t the Problem

If you’re thinking, “Wow, crypto is really struggling,” zoom out for a second. This isn’t an isolated incident in the blockchain world. The entire US economy is seeing a massive wave of job cuts.

According to a report by Challenger, Gray & Christmas, US employers announced a staggering 108,435 layoffs in January alone. That is the highest total for any January since 2009 — back when the global economy was clawing its way out of the Great Recession.

To put that in perspective:

• Layoffs are up 118% compared to the same time last year.
• UPS announced plans to cut 30,000 workers.
• Amazon is shedding thousands of corporate jobs.
• Hiring intentions are at their lowest point since 2009.

While seeing crypto companies cut staff is nerve-wracking, they are following a trend that’s hitting logistics, retail, and traditional tech just as hard. Companies across the board are signaling they are not optimistic about the immediate economic outlook for 2026.

Trying to Do More With Less

There is one specific buzzword driving a lot of these decisions, and it’s exactly what you think it is: Artificial Intelligence.

In their blog post, the Gemini founders were surprisingly blunt about the role AI played in their decision to downsize. They noted that previously, a great engineer might be 10x more productive than a good one. But with AI? That multiplier is now 100x.

They wrote: “Doing more with less has never been more true or possible… Today, we are reducing our size again by roughly 25%. We believe this is the right size to carry out our mission.”

AI tools are enabling companies to automate tasks that once required entire teams. Whether it’s writing code or handling customer support, automation is letting businesses run “faster” with fewer humans in the seat. 

Unfortunately, we’re seeing an overreliance on AI across the board. We don’t know how long the narrative will last or how long companies will continue to prioritize AI over people. But some companies are already heading in the wrong direction with it. All anyone can do is ride it out and see how things shake loose.

Crypto, Jobs, AI – What It All Means

It’s easy to look at job cuts and assume a company is failing. But in the current landscape, these moves are often strategic pivots rather than death rattles.

Gemini and Block are two of the biggest names in the space. They aren’t running out of money. They are restructuring to survive a changing economic landscape and capitalize on new technologies such as AI and prediction markets.

The days of growth at all costs — where companies hired thousands of people just to expand everywhere at once — are over (for now). We are entering an era of efficiency.

While the headlines are scary, the underlying technology (Bitcoin, blockchain, and now prediction markets) is still the priority for these companies. They are just trying to build the future with a smaller, leaner construction crew. 

All we can say is, “It’s a bold strategy, Cotton. Let’s see if it pays off for them.”