Gemini sells UK and European operations to KAST for under $10 million

What happened

Gemini's UK and European operations have reportedly been acquired by KAST, a Singapore-based startup that offers stablecoin accounts and payment cards, for less than $10 million. The figure and the deal came from a CoinDesk report citing a single person familiar with the matter who asked not to be named, and were picked up by Unchained, Protos and Bitcoinist.

Neither company has set out the terms publicly. Gemini, whose holding company Gemini Space Station trades on Nasdaq under the ticker GEMI, did not respond to Unchained's request for comment and declined CoinDesk's, according to Protos. A KAST spokesperson told Unchained that the company is "actively in the market for M&A, as our revenue and footprint grows," but added that it could not comment at this time.

Some detail surfaced through a KAST recruitment listing for a General Manager, Europe, posted roughly a month before the reports. According to the posting, the job involves overseeing "the transition of Gemini's UK and EU team members to KAST" and "the integration of the acquired UK and EU entities." It also asks the hire to ensure KAST's products "fit under the new licences" and to manage partners through a two-phase shift from operational accounts to client-money accounts, which hold customer funds separately.

Why it matters

For KAST, the value appears to sit in Gemini's regulated entities and an existing team rather than in its consumer brand. Buying authorised businesses can be faster than applying for permissions from scratch, although licences do not transfer automatically and any change of control is subject to regulatory review and approval. KAST was co-founded by former Circle executive Raagulan Pathy, and Protos reports that fintech specialist Daniel Bertoli was also a co-founder. The company raised $80 million in March, with part of the money earmarked for licences and compliance.

For Gemini, the sale would continue a simplification of its international structure after it chose to concentrate on markets including the United States and Singapore. The transaction also fits a broader pattern of smaller crypto acquisitions aimed at securing regulatory access, distribution and operational capability rather than scale.

What the data shows

Bitcoinist cited advisory firm Architect Partners as counting $2.2 billion of crypto-related mergers and acquisitions across 67 announced transactions in the third quarter, an 83% decline in deal value from the previous quarter. Protos reported that KAST was valued at $600 million in its funding round, which was co-led by QED Investors and Left Lane Capital.

Gemini's February restructuring removed about a quarter of its workforce, and Protos noted that the shares have fallen almost 93% since the company's 2025 IPO, to $2.72. Unchained reported that Gemini was due to publish third-quarter results after U.S. markets closed on Thursday, and that none of the 8-K filings it has lodged with the SEC this year mentioned a sale as of Thursday morning.

Background

Gemini, founded by Cameron and Tyler Winklevoss, said in February that it would wind down operations in the United Kingdom, the European Union, other European jurisdictions and Australia, reversing an earlier push overseas. Unchained reported that the retreat came with the staff reduction and the departures of its operating, finance and legal chiefs. That month the Financial Conduct Authority said both Gemini UK units would close customer accounts on April 6 and that it would keep working with the firms until their permissions and registration were cancelled. Whether those permissions survive a change of owner has not been disclosed.

What is still unclear

The reports leave several points open. It is not clear which legal entities, employees and regulatory authorisations are covered, how many staff would move to KAST, or when KAST expects to begin operating through the acquired businesses. The treatment of Gemini's UK permissions and registration under new ownership has not been made public, and neither company has confirmed the price beyond the single sourced figure.

What to watch

Gemini's third-quarter results, due after the U.S. close on Thursday, may add detail on the European exit and its costs. Regulatory decisions on any change of control at the UK entities will determine what KAST ends up holding. Further KAST hiring in Europe, and any additional disposals by Gemini, would indicate how quickly both companies intend to move.

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