Gemini Space Station (GEMI), the New York-based holding company operating 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 sale price was under $10 million, the person said, speaking on condition of anonymity because the matter is private.
The deal was mentioned about a month ago in a KAST recruitment listing. The listing said a prospective European general manager would oversee 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 sale follows Gemini’s decision earlier this year to retreat from international markets and restructure its business to cut costs and pursue profitability. In February, the company announced plans to wind down operations in the U.K., the EU and Australia and reduce its global workforce by about 25%, while keeping its U.S. and Singapore businesses.
CoinDesk previously reported that potential buyers were looking at Gemini’s shuttered U.K. and European businesses to obtain their regulatory permissions, rather than take over the entire Nasdaq-listed company.
Singapore-based KAST offers accounts, cross-border transfers and payment cards that let consumers and businesses hold, transfer and spend stablecoins. Founded by former Circle executive Raagulan Pathy, the company raised $80 million in a Series A round in March, co-led by QED Investors and Left Lane Capital. The planned uses for the funding include licensing and compliance.
Crypto dealmaking is shifting 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, a 83% decline in value from the previous quarter, according to advisory firm Architect Partners.
Gemini’s retreat from overseas markets came alongside new financial backing from the company’s founders.
Gemini received a $100 million capital injection from Winklevoss Capital Fund in May. The founders’ investment firm bought Class A shares for $14 each and paid 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).
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