Gemini Space Station Inc. (GEMI) is parting ways with three top executives, including its chief operating officer (COO), chief financial officer (CFO) and chief legal officer (CLO), the exchange disclosed in a filing on Tuesday.

COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade are all leaving effective immediately, according to the filing. Beard has also resigned from Gemini’s board of directors. The company said his resignation was not the result of any disagreement related to its operations, policies or practices.

The stock fell more than 10% in early Tuesday trading, underperforming most of its peers.

The departures come just days after Gemini announced it would shut down its crypto exchange operations in the U.K., European Union (EU) and Australia.

The exchange said it plans to cut roughly 25% of its global workforce and refocus its strategy on the U.S. market and prediction markets, marking a sweeping retrenchment only months after the company went public.

Gemini said it does not plan to appoint a successor COO at this time. Instead, co-founder Cameron Winklevoss will assume many of Beard’s responsibilities, including revenue-generating duties, in addition to his existing role.

The board appointed Danijela Stojanovic, Gemini’s chief accounting officer since May 2025, as interim CFO, and named Kate Freedman, currently associate general counsel and corporate secretary, as interim general counsel, effective Tuesday.

At least one other higher-level staff member attached to Gemini’s APAC division was let go on Tuesday as well, according to a person familiar with the matter.

Gemini did not immediately respond to a CoinDesk request for comment.

Altcoin news just delivered a reality check for anyone waiting on the sidelines. Michael Saylor doubled down on his Bitcoin obsession, telling CNBC on February 10 that Strategy will buy Bitcoin every single quarter forever, even if BTC crashes to $8,000. The company already holds 714,644 BTC purchased for $54.35 billion, making it the largest corporate holder globally with roughly 3.4% of all Bitcoin in circulation.

The altcoin season hopium just took another hit as Saylor’s latest buy of 1,142 BTC for $90 million at an average price of $78,815 keeps institutional capital locked into Bitcoin rather than flowing into alts. This altcoin market updates reality is exactly why smart traders are looking at presales like DeepSnitch AI for parabolic gains.

Why altcoin season keep getting delayed, according to market data?

Michael Saylor’s conviction level is off the charts. Despite Strategy reporting a $12.4 billion loss in Q4 2025 due to unrealized losses on digital assets, he’s not budging. During the CNBC interview, Saylor made it clear the company has enough cash to cover operating expenses and dividends for 2.5 years without touching its Bitcoin stack.

The altcoin season index currently sits at a dismal 30 out of 100, way below the 75 threshold needed to confirm we’re actually in altseason. Only 30% of the top 50 altcoins have outperformed Bitcoin over the past 90 days. It means we’re deep in Bitcoin season with no rotation in sight.

Bitcoin dominance trends show BTC holding above 60% market share, a level that typically crushes altcoin news bulls. Every time institutional money enters crypto in 2026, it goes straight into spot Bitcoin ETFs that now hold over $130 billion in assets.

Fidelity, BlackRock, and other Wall Street giants are funneling capital exclusively into BTC, leaving alts to fight for scraps.

The altcoin market updates paint a brutal picture. While BTC trades around $66,000 after hitting $126,000 in October 2025, most alts have been absolutely demolished. The traditional four-year cycle that used to deliver massive altseasons has been replaced by an ETF-driven market where retail capital rotation barely exists anymore.

DeepSnitch AI rules altcoin news with live utility and 164% presale gains

While the altcoin season index stays stuck in the mud and Bitcoin dominance trends keep alts suppressed, DeepSnitch AI is crushing it with over 164% gains in presale. The token has pumped from $0.01510 to $0.03985 in Stage 5, and 4 out of 5 crypto AI surveillance agents are already live and working.

Built for volatile markets where information moves faster than retail can process it, DeepSnitch deploys an LLM-powered intelligence layer monitoring on-chain transactions, social channels, and private groups simultaneously. Paste any contract address into SnitchScan and get instant risk scoring for honeypots, liquidity traps, and suspicious tax structures.

AuditSnitch runs security analysis in plain language, flagging vulnerabilities before you approve transactions. The platform tracks stealth wallets and delivers private alerts on whale movements that institutional desks pay premium subscriptions to access.

Presale math works differently when you’re buying actual utility. Drop $5,000 at $0.03985 and receive 125,500 DSNT tokens. The DSNTVIP50 bonus code adds 50% more tokens, pushing your total to 188,250 without spending extra.

The project climbed from $0.01510 to the current pricing, already delivering 164% returns for the earliest holders. With AI agent technology exploding across crypto and 100x to 300x projections based on comparable platform valuations, this presale window is basically peak leverage before bigger money and institutions show up after launch and reprice everything fast.

Bitcoin holds strong despite volatility, while altcoin news shows weakness

BTC currently trades around $68,000 on February 16 after crashing from its October 2025 all-time high of $126,000, marking a brutal 47% correction. The altcoin news on Bitcoin actually shows institutional conviction with Michael Saylor’s Strategy adding 1,142 BTC for $90 million at an average price of $78,815, bringing total holdings to 714,644 BTC worth $54.35 billion.

Analysts project BTC could recover toward $100,000 by year-end as the four-year halving cycle plays out.

Even if Bitcoin doubles from current levels to $132,000, that’s a 2x. Solid for blue chip crypto, but nowhere near the parabolic upside available in the presale market, where early positioning on projects with live utility actually delivers life-changing returns.

Solana shows promise but limited upside compared to presale opportunities

SOL currently trades around $85 on February 16 after briefly dipping below $70 for the first time since December 2023. The altcoin news on Solana actually shows some green shoots with $92.9 million in institutional inflows during January, making it the second-highest recipient of capital after Bitcoin.

Analysts project SOL could hit $200-$300 by year-end if the network successfully shifts from meme coins toward stablecoins and tokenization.

But here’s the trader reality check on altcoin market updates: even if Solana triples from current levels to $240, that’s a 3x. Not bad for established coins, but nowhere near the parabolic upside available in the presale market where early positioning actually matters.

Conclusion

Altcoin season might eventually show up when Bitcoin dominance finally breaks down, but waiting for that rotation while sitting in coins already up 50x from their lows makes zero sense. The real alpha in altcoin market updates points toward DeepSnitch AI that combines working products with presale pricing that won’t last forever.

Visit the official website for priority access and check out X and Telegram for the latest altcoin news and community intelligence.

FAQs

Is altcoin season actually coming in 2026 based on current altcoin news?

The altcoin season index needs to crack 75 but sits at 30 while Bitcoin dominance trends hold above 60%. ETFs changed the game completely. Institutional money goes straight to BTC now, not rotating through alts like 2021.

Why does Bitcoin dominance trends matter so much for altcoin market updates?

When BTC dominance stays high, it means Bitcoin is sucking up all the oxygen in the room. Capital flows to safety and regulatory clarity, which is Bitcoin right now with $130B in spot ETFs. Alts only rip when dominance drops hard and money rotates out. That rotation hasn’t happened yet in 2026’s structure.

Can Solana really deliver solid gains despite weak altcoin season index readings?

SOL has institutional backing with $92.9M January inflows and strong fundamentals around stablecoins. Could it run to $200-$300? Yeah, definitely possible. But that’s 3x-4x upside from $85. Compare that to DeepSnitch AI with live products offering 100x potential. Depends on your risk tolerance and timeline, honestly.

Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

TLDR:

• Dragonfly Capital closed its fourth fund at $650M, competing directly with Andreessen Horowitz and Paradigm.
• The firm led Ethena’s $6M seed round in 2023; the stablecoin now holds a $6.3B market capitalization.
• Dragonfly’s strategy targets stablecoins, onchain finance, and tokenized assets over native crypto protocols.
• Partner Haseeb Qureshi says speaking openly in a hype-driven space has been the firm’s greatest superpower.
  

Dragonfly Capital has officially closed its fourth fund at $650 million. The crypto-focused venture firm made the announcement even as the broader blockchain investment sector faces serious headwinds.

The firm continues to focus on financial infrastructure, including stablecoins, onchain finance, and tokenized real-world assets.

This latest raise cements Dragonfly’s place among the top crypto venture firms globally competing with Andreessen Horowitz and Paradigm.

Dragonfly Bets on Finance as Crypto’s Next Frontier

The firm’s strategy has shifted noticeably toward Wall Street-style financial products built on blockchain rails. General partner Rob Hadick, who joined in April 2022 from hedge fund GoldenTree, has been central to that repositioning.

He arrived just as the Terra Luna collapse rocked the market and stayed through the FTX implosion shortly after. Recalling that turbulent period, Hadick said, “I was scared about what was happening to the industry, but I was excited about the opportunity we had, because we still had $500 million to deploy.”

One early product of that vision was Ethena, a synthetic dollar project that most investors rejected following the Terra Luna fallout. Dragonfly led Ethena’s $6 million seed round during the bear market of 2023.

Ethena founder Guy Young recalled that most investors told him, “It’s actually offensive that you’re even saying this after what just happened.”

Dragonfly, however, took a different view. Young credited the firm’s ability to “look at it from first principles” as the reason they moved forward.

Today, Ethena’s flagship stablecoin carries a market cap of roughly $6.3 billion. Franklin Templeton and Fidelity’s venture arm joined a subsequent $100 million round, further validating Dragonfly’s early conviction.

The bet stands as one of the clearest examples of the firm’s contrarian approach during a difficult market period.

A broader shift is now visible across the entire crypto venture space. Partner Tom Schmidt noted that fewer funds are chasing native protocol tokens and more are backing assets tied to real-world instruments.

“This is the biggest meta shift I can feel in my entire time in the industry,” Schmidt said. Hadick added, “A lot of crypto funds are now saying they’re fintech funds, which is what I think we do better than anybody.”

Leadership and Long-Term Vision Drive the Firm Forward

Dragonfly’s current leadership includes four partners with distinct, complementary roles. Haseeb Qureshi serves as the firm’s most visible voice, known for his Chopping Block podcast and direct commentary on Crypto Twitter.

He once nearly secured Polymarket’s seed round in 2020 but passed on matching a competing term sheet. Reflecting on it, Qureshi said plainly, “It was obviously a massive miss on our part, but we had the right idea.” The firm eventually invested at the Series B stage.

The firm has also navigated serious internal and external turbulence. A Department of Justice inquiry surfaced in 2025, tied to Dragonfly’s investment in privacy protocol Tornado Cash.

Prosecutors briefly suggested Schmidt could face criminal charges before the DOJ reversed course. Qureshi maintained that “the investment was never ideological,” and the episode ultimately became a point of credibility within the broader crypto community.

Dragonfly restructured significantly after co-founder Alex Pack departed around 2020. Pack himself acknowledged that he and Feng were “very different culturally,” adding that he spent “a few months helping to hire and train my replacements” before the two parted ways.

The firm also relocated its Asia operations from Beijing to Singapore amid China’s sweeping crypto crackdown, though Schmidt confirmed it still maintains a meaningful regional presence.

With $650 million now secured, Dragonfly enters the next cycle as one of the sector’s most established players. “It’s bizarre to see us now become one of the incumbents,” Qureshi said.

He added that the firm’s willingness to speak directly has been a key differentiator: “In a space that is just completely flooded with bullshit and with fakers and self-promoters, I think that has actually been a superpower.”

The firm is now positioned to shape how blockchain technology continues merging with mainstream financial systems.