The crypto exchange landscape is splitting in two. On one side, Kraken is charging toward an IPO with aggressive acquisitions.
On the other, Gemini is imploding with a 77% stock collapse and executive exodus. Same industry. Same market conditions. Opposite trajectories.
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Kraken’s aggressive expansion
Kraken’s recent acquisition of token management platform Magna marks its sixth deal in the past year.
The shopping list is impressive: $1.5 billion for NinjaTrader, tokenized stock provider Backed, derivatives infrastructure firm Small Exchange.
This isn’t cautious expansion. It’s empire building. The strategy is clear. Kraken isn’t just growing.
It’s diversifying. It’s building a comprehensive financial services platform that can compete with traditional finance on its own terms. The IPO isn’t an exit. It’s a coming-out party.
Gemini’s collapse
Meanwhile, Gemini is falling apart. Three senior executives gone. CFO. CLO. COO. All shown the door.
The company cut 25% of its staff and exited key markets. Shares have fallen 77% from the $28 IPO price. The projected 2025 loss: $595 million.
The Winklevoss twins announced the executive departures in a blog post, trying to frame the changes as strategic adjustments. The market isn’t buying it. Gemini’s stock continues to slide.
What separates winners from losers
What separates Kraken from Gemini? Execution. Kraken has methodically built its business, expanding into new markets and products with clear purpose.
Gemini, despite its high-profile founders, has struggled to find its footing in a competitive landscape.
The numbers tell the story. Binance controls 39% of trading volume. Kraken is gaining ground. Gemini is an afterthought.
The exchange business has winner-take-most dynamics, and Gemini is losing.
Kraken’s acquisition strategy
Kraken’s acquisition strategy reveals a clear vision. It’s not just about crypto trading anymore.
It’s about becoming a comprehensive financial platform. Futures. Tokenized stocks. Derivatives.
Token management. Each acquisition fills a gap in the product portfolio. The IPO timing is strategic.
Markets are volatile, but Kraken is betting that its diversified business model will appeal to public market investors.
The company is positioning itself as a fintech platform, not just a crypto exchange.
Gemini’s deeper problems
Gemini’s problems run deeper than leadership. The company went public in September and has been in decline ever since.
The recent executive departures are symptoms of deeper strategic confusion.
The contrast raises questions about what makes an exchange successful in today’s market.
Is it scale? Product breadth? Regulatory relationships? Brand? The answer seems to be all of the above, and Gemini is struggling on multiple fronts.
The exchange wars continue
For the broader industry, the exchange wars matter. These are the on-ramps to crypto.
If the winners are well-run, compliant, and user-focused, that’s good for adoption. If the losers drag down trust in the sector, that’s a problem.
Kraken’s rise and Gemini’s fall are case studies in execution. Both companies started with strong brands and ambitious visions.
One delivered. The other didn’t. The exchange wars aren’t over. But the scoreboard is becoming clear. And right now, Kraken is winning.
Crypto market researcher and external contributor at Kriptoworld
Wheel. Steam engine. Bitcoin.
📅 Published: February 22, 2026 • 🕓 Last updated: February 22, 2026
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