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.
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.
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