Gemini Space Station has offloaded its previously terminated U.K. and European divisions to the Singapore-based stablecoin payments enterprise KAST for a valuation under $10 million, as indicated by CoinDesk reporting, right ahead of the exchange releasing its third-quarter financial figures following Thursday’s market close.
Gemini chose not to provide any commentary. A representative for KAST declined to address the transaction specifically, though they noted that the firm actively pursues potential acquisitions while its market reach and revenue scale upward. Neither enterprise has offered public verification of an agreement, and no regulatory authority has disclosed any change-of-control clearance.
Should it be verified, this divestiture finalizes an operational retreat that Gemini announced back in February. On February 4, the Nasdaq-listed entity known as Gemini (GEMI) sanctioned a strategy to withdraw from and wind down activities across the United Kingdom, the European Union, additional European territories, and Australia, as part of a wider initiative to curtail expenses and foster profitability. The enterprise stated it would maintain its operations within the United States and Singapore.
This strategy involved a workforce reduction affecting up to 200 staff members throughout Europe, the United States, and Singapore, translating to roughly 25% of Gemini’s global personnel count at that time. The firm projected approximately $11 million in pre-tax restructuring expenses, largely settled in cash, and indicated it expected the wind-down procedure to wrap up substantially during the initial half of 2026. Reuters covered these workforce cutbacks on the exact same date.
Co-founders Cameron and Tyler Winklevoss, who launched Gemini back in 2014 as a bitcoin exchange, informed users that the organization would concentrate more heavily on the domestic American market after international territories proved difficult to capture and overextended the company’s financial overhead. Gemini subsequently notified clients across the U.K., the European Economic Area, and Australia that their profiles would shut down by April 6, with withdrawal-only capabilities launching during early March.
Any transaction would exchange the dormant corporate shells, personnel, and regulatory authorizations associated with those already dissolved branches, rather than transferring Gemini’s primary U.S. exchange platform. Purchasers of defunct digital asset companies frequently prioritize acquiring regulatory licenses over the remaining operational infrastructure. Any transition of a licensed financial entity in the U.K. or EU generally mandates a change-of-control evaluation by regional regulators prior to a new proprietor taking command.
A financial network eyeing European expansion
KAST operates as a Singaporean monetary platform constructed upon stablecoin payment rails. In March, the entity revealed it secured $80 million through a Series A funding round jointly led by QED Investors alongside Left Lane Capital. Established in July 2024 by former Circle executive Raagulan Pathy, the organization announced it intended to deploy these funds toward expansion initiatives, regulatory licensing, and compliance frameworks.
KAST delivers dollar-pegged balances, international transfers, and payment cards that empower individuals and commercial clients to store, transfer, and expend stablecoins. Within that March announcement, the company claimed a user base exceeding one million alongside an annualized transaction volume nearing $5 billion. Those metrics lack independent verification, and KAST has not publicly acknowledged any European buyout.
This report emerges during a packed schedule for Gemini. The corporation stated on October 20 that it would publish third-quarter performance metrics following the market close on Thursday, November 12, accompanied by an investor conference call at 8:30 a.m. ET on Friday. Shareholders will seek indicators showing that the February restructuring successfully reduced overhead and brought Gemini closer to the financial viability it targeted when scaling back its international footprint.
Earlier this year, the Winklevoss brothers contributed $100 million in bitcoin directly to the enterprise following downward pressure on its share price. Thursday’s disclosures will illustrate the firm’s financial health following its overseas retreat.
Executing a sale of the U.K. and EU operations for under $10 million represents a modest sum when compared against the $11 million in restructuring expenses Gemini previously logged for the withdrawal. The principal uncertainty remains whether an incoming owner can successfully utilize those European regulatory authorizations, and if Gemini will formally acknowledge the agreement during Thursday evening’s financial report.
Originally published at https://bitcoinmagazine.com/news/gemini-said-to-sell-uk-eu-units-kast.
