Gemini sells UK and European operations to KAST for under $10 million, report says
Cryptocurrency exchange Gemini has sold its UK and European businesses to Singapore-based stablecoin payments firm KAST for less than $10 million, according to a report by CoinDesk.
Cryptocurrency exchange operator Gemini Space Station has sold its UK and European operations to Singapore-based stablecoin payments company KAST in a transaction valued at under $10 million, CoinDesk reported, citing a person familiar with the matter. Gemini, founded by Cameron and Tyler Winklevoss, declined to comment to outlets on the deal, while a KAST spokesperson told Unchained that the company is actively pursuing mergers and acquisitions as its footprint expands.[3][4][5][6]
Evidence of the acquisition surfaced in recent hiring moves by KAST. A job posting for a European general manager detailed responsibilities that include overseeing the integration of the acquired UK and EU entities, transitioning Gemini's regional team members to KAST, and ensuring products operate under new regulatory licences. KAST, which was co-founded by former Circle executive Raagulan Pathy and Daniel Bertoli, raised $80 million earlier this year in a funding round valuing the company at $600 million.[1][3][4]
The reported sale comes as Gemini winds down its international footprint following steep business adjustments. In February, Gemini announced it would withdraw from the UK, European, and Australian markets as part of cost-cutting measures that included laying off roughly 25% of its workforce. Gemini's stock has also fallen nearly 93% since its 2025 initial public offering, trading down to $2.72.[2][3][4]
Key facts
- CoinDesk reported that Gemini sold its UK and European operations to stablecoin firm KAST for less than $10 million.
- KAST is a Singapore-based startup co-founded by former Circle executive Raagulan Pathy and fintech specialist Daniel Bertoli.
- KAST secured $80 million in a funding round this year, reaching a $600 million valuation.
- A KAST Europe general manager job listing sought an executive to integrate acquired UK and EU entities and transition Gemini staff.
- Gemini announced in February that it would retreat from the UK, Europe, and Australia while reducing its workforce by around 25%.
- Gemini's GEMI stock has dropped nearly 93% to $2.72 since its 2025 initial public offering.
Sources · 6 sources
- LS
Laura Shin@laurashinPost on X ·
A KAST job listing for a Europe general manager describes integrating “the acquired UK and EU entities” and moving Gemini’s UK and EU team members to KAST, months after Gemini said it would leave Europe. https://t.co/g8YoZUPstH
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨GEMINI SELLS UK AND EUROPEAN OPERATIONS TO STABLECOIN FIRM KAST FOR UNDER $10 MILLION! Winklevoss-founded @Gemini sold its U.K. and European operations to Singapore-based stablecoin payments company @KASTxyz for under $10 million, according to a person familiar with the matter as reported by @CoinDesk. The sale follows Gemini’s February decision to wind down those markets, cut roughly 25% of staff, and refocus on the U.S. and Singapore. A KAST recruitment listing last month referenced transitioning Gemini’s U.K. and EU staff; Gemini declined to comment while KAST said it is actively pursuing M&A.
Open source - PR
ProtosArticle ·
Winklevoss twins sell UK and Europe Gemini operations, report The parent company behind Winklevoss-owned crypto exchange Gemini has reportedly sold its UK and European operations to stablecoin firm KAST. As reported by CoinDesk, an anonymous source familiar with Gemini Space Station’s deal said the operations were sold for less than $10 million. Gemini announced it would withdraw from the UK, Europe, and Australian markets last February as part of cost-cutting measures that also saw 25% of its workforce fired . Gemini operations bought by $600M firm Singapore-based KAST was co-founded by former Circle executive Raagulan Pathy and fintech specialist Daniel Bertoli. It raised $80 million in a funding round this year, where it was valued at $600 million. A recruitment listing filed by KAST reportedly touched on the deal when it sought a European general manager to oversee the transition of Gemini’s staff. Protos has reached out to Gemini for comment and will update if we hear anything back. The firm has already rejected CoinDesk’s request for comment, while KASK only told the publication that it’s “actively in the market for [mergers and acquisitions], as our revenue and footprint grows.” Gemini’s stock price keeps falling Since its IPO in 2025, Gemini’s stock price has fallen almost 93% to just $2.72. The price of Gemini’s GEMI stock per TradingView. Read more: Gemini confirms 15,000 customers impacted by banking breach A 10-K filing in April also revealed a multi-million-dollar loan loop between the exchange and its founders, Cameron and Tyler Winklevoss. The twins then invested $100 million in May via their investment firm, Winklevoss Capital Fund LLC, and they also spent $5 million to help Republicans in the US midterm elections. Got a tip? Send us an email securely via Protos Leaks . For more informed news, follow us on X , Bluesky , and Google News , or subscribe to our YouTube channel. The post Winklevoss twins sell UK and Europe Gemini operations, report appeared first on Protos .
Open source - UN
UnchainedArticle ·
Stablecoin Firm KAST Buys Gemini’s Shuttered UK and EU Arm for Under $10 Million, Report Says KAST , a Singapore startup that offers stablecoin accounts and payment cards, has bought Gemini’s UK and European operations for less than $10 million , according to a CoinDesk report Thursday. The outlet’s information came from one person familiar with the matter who asked not to be named. Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss and listed on Nasdaq under its holding company Gemini Space Station (GEMI), did not immediately respond to a request for comment from Unchained. A KAST spokesperson told Unchained: “We are actively in the market for M&A, as our revenue and footprint grows. But we cannot comment at this time.” Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . A Job Listing Describes the Handover KAST’s own hiring points the same way. A listing for a General Manager, Europe asks the new hire to oversee “the transition of Gemini’s UK and EU team members to KAST” and the “integration of the acquired UK and EU entities.” The posting also says the role must ensure KAST’s products “fit under the new licences” and oversee partners handling a two-phase move from operational accounts to client-money accounts, which hold customer funds separately. What KAST Appears to Be Buying Our read: at this price, KAST appears to be paying mainly for regulated entities and a working team, since Gemini was due to close all UK customer accounts in April. Britain’s Financial Conduct Authority (FCA) said in February that both Gemini UK units would close 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. From Retreat to Sale The reported sale would complete Gemini’s exit from Europe, part of a pullback it began early this year. Its second-quarter earnings release restated plans “to wind down operations in the United Kingdom, European Union, other European jurisdictions, and Australia,” and Unchained reported in February that the retreat came with a cut of about a quarter of its staff and the exits of its operating, finance and legal chiefs. QED Investors and Left Lane Capital led an $80 million Series A for KAST in March, and some of that money was set aside for licences and compliance. Its founder, Raagulan Pathy, previously worked at Circle. Europe was not among the regions KAST named for expansion at the time. Gemini is due to report third-quarter results after U.S. markets close on Thursday. None of the 8-K reports Gemini has filed with the SEC this year, the filings U.S.-listed companies use to disclose major events, mentioned a sale as of Thursday morning. Related Listen: Everyone Wants a DCM. Why Is Kalshi Still Losing? – DEX in the City The post Stablecoin Firm KAST Buys Gemini’s Shuttered UK and EU Arm for Under $10 Million, Report Says appeared first on Unchained .
Open source - CO
CoinDesk@CoinDeskPost on X ·
SCOOP: @Gemini sells its U.K. and European operations to stablecoin payments firm @KASTxyz for under $10 million, according to a source. @willcanny99 reports. https://t.co/lvqTIeqXf7
Open source - CO
CoindeskArticle ·
Gemini sells UK and European operations to stablecoin payments firm KAST for under $10 million The sale follows the Winklevoss-founded crypto exchange’s retreat from several overseas markets as it restructures its business.
Open source