Gemini Space Station (Nasdaq: GEMI) sold its U.K. and European operations to KAST for under $10 million, as first reported by CoinDesk on November 12th 2026. The buyer is a Singapore-based stablecoin payments company founded by former Circle executive Raagulan Pathy.
Key Facts
- Gemini Space Station sold its U.K. and European operations to KAST for less than $10 million, a person familiar with the matter said.
- KAST, a stablecoin payments firm, raised $80 million in a Series A round in March co-led by QED Investors and Left Lane Capital.
- Gemini announced in February plans to wind down operations in the U.K., the EU and Australia and cut about 25% of its global workforce.
- Gemini’s services revenue climbed 149% to $23.5 million in the second quarter, while exchange revenue fell 38% to $12.5 million.
KAST takes over Gemini’s shuttered European arm
Gemini Space Station, the New York holding company behind the exchange Cameron and Tyler Winklevoss founded, declined to comment. A KAST spokesperson wouldn’t discuss the deal either, but said “we are actively in the market for M&A, as our revenue and footprint grows.”
The deal first surfaced in a hiring ad. A KAST recruitment listing from about a month ago spelled out the job. Its prospective general manager for Europe would oversee the transition of Gemini’s U.K. and EU staff.
Gemini moved to close those units in February, as part of a restructuring meant to cut costs and reach profitability. The retreat, which kept its U.S. and Singapore businesses, reversed Gemini’s earlier push into Europe.
Potential buyers then examined the shuttered businesses to obtain their regulatory permissions, an earlier report from the same outlet said. Those suitors weren’t pursuing a takeover of the whole Nasdaq-listed company.
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
— CoinDesk (@CoinDesk) November 12, 2026
KAST’s accounts, cross-border transfers and payment cards let consumers and businesses hold, move and spend stablecoins. Its March raise listed licensing and compliance among the planned uses of the money. Read together, the deal looks like a shortcut to a European footprint. KAST paid less than an eighth of its Series A for a unit that came with staff and, possibly, permissions already in place.
The price also fits a shift in crypto dealmaking toward smaller acquisitions that add licenses, distribution or product capabilities. Architect Partners counted $2.2 billion in crypto M&A across 67 announced transactions in the third quarter. Deal value fell 83% from the previous quarter.
Gemini’s growth now comes from outside spot trading
Gemini’s exchange business is shrinking as a share of revenue. Second-quarter revenue reached $45.5 million, up 37% year over year. Services revenue plus interest income made up 59% of net revenue, against 50% in the first quarter. Credit card revenue jumped 231% to $16.2 million, staking revenue rose 50% to $4 million, and prediction markets added $500,000.
The company has launched event contracts through Gemini Predictions and commission-free U.S. stock and ETF trading. Its affiliate Gemini Olympus won regulatory approval to operate as a derivatives clearinghouse. A pending futures commission merchant (FCM) application could add regulated U.S. crypto perpetual futures.
Distribution is the next lever. In August, Gemini signed a letter of intent with Apex Fintech Solutions to offer 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 FCM.
Final Takeaways
For Gemini, the sale clears out a business it had already chosen to close. Neither company has disclosed the exact price, which permissions moved to KAST, how many employees transferred or when the deal closed. No public detail yet covers whether customer accounts moved. Former U.K. and European users should watch for direct notices from Gemini or KAST.
The price looks small next to the founders’ own money. Winklevoss Capital Fund put $100 million into Gemini in May, buying Class A shares at $14 each and paying in bitcoin. The overseas business went for less than a tenth of that.
