Gemini Said to Sell Shuttered UK and EU Units to KAST for Under $10M
Gemini has sold its already closed U.K. and European units to Singapore stablecoin payments firm KAST for less than $10 million, according to a person familiar with the matter. Neither firm has confirmed the deal, and no regulator has approved a change of control.
Less than $10 million. That is the price Gemini Space Station got for its already closed U.K. and European operations, sold to Singapore stablecoin payments firm KAST, according to a person familiar with the matter. Neither company has confirmed the deal.
Gemini declined to comment. A KAST spokesperson would not discuss the transaction but said the company is actively looking at acquisitions as its revenue and footprint grow. No regulator has announced a change-of-control approval.
The timing is notable. Gemini (GEMI) was due to release third-quarter results after the market close on Thursday, Nov. 12, with a call at 8:30 a.m. ET on Friday.
What actually changes hands
Not the core U.S. exchange. What would transfer are the leftover entities, staff and regulatory permissions from the wound-down units. Transfers of licensed firms in the U.K. or EU typically still need local regulator change-of-control review.
The wind-down behind it
On Feb. 4, Gemini approved a plan to exit the U.K., the EU and other European jurisdictions, plus Australia, while keeping the U.S. and Singapore. The plan, tied to an SEC filing, called for cutting up to 200 jobs, about 25% of the global workforce at that date. Estimated pre-tax restructuring charges: about $11 million.
Customers in the U.K., EEA and Australia were told accounts would close on April 6, with withdrawals-only starting in early March. Cameron and Tyler Winklevoss said at the time that Gemini would "double down on America" after foreign markets proved hard to win.
The math is thin. A sale price under $10 million sits below the roughly $11 million in restructuring charges Gemini estimated for the exit. Whether the buyer can put the European permissions to work is unclear: KAST has not publicly described a European acquisition.
Who is KAST
KAST is a Singapore-based stablecoin financial platform founded in July 2024 by former Circle executive Raagulan Pathy. In March it said it raised $80 million in a Series A co-led by QED Investors and Left Lane Capital. The company claims more than one million users and nearly $5 billion in annualized volume, figures that have not been independently verified.
Context
If confirmed, the sale would close out a retreat Gemini announced nine months ago, leaving the firm focused on the U.S. and Singapore. The Winklevoss twins put $100 million of bitcoin into the company earlier this year after the stock came under pressure. At home, Gemini has launched commission-free stock trading as part of a pivot to a "financial super app".
