Gemini Space Station, the Nasdaq-listed holding company behind the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has sold its United Kingdom and European operations to Singapore-based stablecoin payments company KAST for less than $10 million, according to a person familiar with the matter.

The transaction has not been formally announced by either party. Gemini declined to comment. A KAST spokesperson did not address the specific deal but stated the firm is actively pursuing mergers and acquisitions as its revenue and footprint expand.

Background of Gemini’s Regional Withdrawal

The sale follows Gemini’s February decision to wind down operations in the United Kingdom, the European Union, other European jurisdictions, and Australia. The company said at the time that it would retain its businesses in the United States and Singapore while reducing its global workforce by approximately 25 percent, or up to 200 employees. Restructuring charges were estimated at about $11 million, mostly in cash, with the wind-down expected to be substantially completed in the first half of 2026.

UK customer accounts were scheduled to close on April 6 after a withdrawals-only period that began earlier. The Financial Conduct Authority had indicated it would continue working with the relevant Gemini entities until permissions and registrations could be cancelled. Potential buyers had previously shown interest in the shuttered regional units primarily for their regulatory licenses and permissions rather than for ongoing client operations.

A KAST job posting for a General Manager, Europe, referenced responsibility for overseeing the transition of Gemini’s UK and European Union team members and the integration of the acquired entities. It remains unclear precisely which licenses, entities, or number of staff are included, and any change of control would typically require regulatory review and approval before a new owner could operate under the existing authorizations.

KAST’s Expansion Plans

KAST offers dollar-denominated accounts, cross-border transfers, and payment cards that enable consumers and businesses to hold, move, and spend stablecoins. Founded in 2024 by Raagulan Pathy, a former Circle executive, the company raised $80 million in a Series A round in March co-led by QED Investors and Left Lane Capital. Licensing and compliance were among the stated uses for the capital.

The acquisition provides KAST with established regulatory platforms and experienced personnel in the UK and Europe, markets it had not previously targeted as a primary focus. The deal appears oriented toward obtaining licensed entities and operational capacity rather than Gemini’s client base, which was already in the process of closure.

Gemini’s Broader Restructuring

Gemini has received additional support from its founders. In May, Winklevoss Capital Fund invested $100 million by purchasing Class A shares at $14 each, with payment made in bitcoin. The company has also pursued expansion beyond traditional crypto trading, including a letter of intent with Apex Fintech Solutions to distribute regulated crypto prediction markets to brokerage firms through Gemini Titan as the exclusive venue for certain event contracts.

The timing of the reported sale coincides with Gemini’s scheduled release of third-quarter financial results after the close of US stock trading on November 12. Investors are expected to examine progress on cost reduction and the path to profitability following the earlier international pullback.

Industry dealmaking has shifted toward smaller transactions focused on regulatory access, distribution, and capabilities. Crypto-related mergers and acquisitions totaled $2.2 billion across 67 announced transactions in the third quarter, an 83 percent decline in deal value from the prior quarter, according to advisory firm Architect Partners.

Details such as the exact entities transferring, the number of employees involved, and the timeline for KAST to begin operating under any acquired authorizations have not been disclosed. Regulatory approvals would still be required for any transfer of licensed operations in the relevant jurisdictions.