Gemini Space Station (GEMI), the New York-based holding company that operates the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, sold its U.K. and European operations to stablecoin payments company KAST, according to a person familiar with the matter.
The purchase price was below $10 million, the person said, speaking on condition of anonymity because the matter is private.
The deal was referenced about a month ago in a KAST recruitment listing, which tasked a prospective European general manager with overseeing the transition of Gemini’s U.K. and European Union staff.
Gemini declined to comment. A KAST spokesperson would not discuss the deal, but said “we are actively in the market for M&A, as our revenue and footprint grows.”
The disposal follows Gemini’s decision earlier this year to pullback from international markets and restructure its business to reduce costs and pursue profitability. In February, the company announced plans to wind down operations in the U.K., the EU and Australia and cut about 25% of its global workforce, while retaining its U.S. and Singapore businesses.
CoinDesk previously reported that potential buyers were examining Gemini’s shuttered U.K. and European businesses to obtain their regulatory permissions, rather than pursuing a takeover of the entire Nasdaq-listed company.
Singapore-based KAST provides accounts, cross-border transfers and payment cards that allow consumers and businesses to hold, move and spend stablecoins. Founded by former Circle executive Raagulan Pathy, the company raised $80 million in March in a Series A round co-led by QED Investors and Left Lane Capital, with licensing and compliance among the planned uses for the funding.
The transaction comes as crypto dealmaking shifts toward smaller acquisitions that add regulatory licenses, distribution and product capabilities. Crypto M&A totaled $2.2 billion across 67 announced transactions in the third quarter, down 83% by value from the previous quarter, according to advisory firm Architect Partners.
Gemini’s overseas retreat came alongside fresh financial backing from the company’s founders.
Gemini received a $100 million capital injection from Winklevoss Capital Fund in May, with the founders’ investment firm buying Class A shares at $14 apiece and paying in bitcoin BTC$73,211.59. The investment came as the exchange pursued its restructuring and sought to expand beyond crypto trading into a broader markets business.
As part of that expansion, the company signed a letter of intent with Apex Fintech Solutions in August to distribute its regulated crypto prediction markets to brokerage firms. Under the proposed arrangement, Gemini Titan would be the exclusive regulated venue for crypto event contracts offered through Apex’s futures commission merchant (FCM).
