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

Gemini Space Station, the New York-based holding company behind the crypto exchange founded by Cameron and Tyler Winklevoss, has reportedly sold its UK and European operations to the stablecoin payments company KAST. CoinDesk reported the deal on November 12, citing a person familiar with the matter. The person said the price was below $10 million.

The companies have not confirmed the sale. Gemini declined to comment, and a KAST spokesperson did not comment on the transaction. The spokesperson did say the company is actively looking at mergers and acquisitions. Bitcoin Magazine noted that the figures have not been independently verified and that KAST has not publicly described a European acquisition. It also said Gemini was due to report third-quarter results after the market close on Thursday, so the company may address the deal then.

The sale follows a restructuring that Gemini announced earlier this year. In February, the company said it would wind down operations in the United Kingdom, the European Union and Australia, and cut about 25% of its global workforce. It said it would keep its operations in the United States and Singapore. According to Bitcoin Magazine, the wind-down was described in a securities filing as part of a broader effort to cut expenses and move toward profitability. Customers in the UK, the European Economic Area and Australia were told their accounts would close on April 6, with withdrawals-only mode starting in early March.

KAST is headquartered in Singapore. It offers stablecoin accounts, cross-border transfers and payment cards that let consumers and businesses hold, move and spend stablecoins. The firm was founded by former Circle executive Raagulan Pathy. It reportedly raised $80 million in a Series A round in March 2026.

Crowdfund Insider reported that signs of the arrangement appeared about a month earlier, in a KAST job listing for a European general manager. According to that report, the role would oversee the transition of Gemini's remaining staff in the UK and EU. That suggests KAST may take on residual employees and whatever regulatory positioning Gemini still holds in those regions. Bitcoin Magazine said the larger open question is whether a buyer can put those European permissions to use. That point remains unresolved because KAST has not publicly laid out its plans.

The low reported price stands out against Gemini's recent history. CoinDesk noted that Winklevoss Capital Fund, the founders' investment firm, put $100 million into Gemini in May. It bought Class A shares at $14 each and paid in bitcoin. Crowdfund Insider linked the modest sale price to pressure on Gemini's shares during a prolonged downturn in bitcoin and the wider digital-asset market.

The deal reflects a wider pattern of consolidation and retrenchment among crypto firms. Some exchanges are pulling back from markets where compliance costs are high. Payments-focused companies are looking for licenses, staff and customer footprints in those markets. Because the terms come from a single anonymous source and neither party has confirmed them, details such as the final price, which assets and licenses transfer, and the closing timeline could change once official statements are issued.

This article is a news summary for informational purposes only and is not financial, investment or tax advice.

This is a news summary for general information only — not financial advice, and nothing here is a recommendation to buy, sell, or hold any asset. Always verify against the original source and do your own research before making a financial decision.