Gemini has reportedly sold its UK and European operations to stablecoin payments company KAST for less than $10 million, following its decision to leave those markets earlier this year.
Summary
- Under $10 million was paid for the regional operations, according to a person familiar with the transaction.
- Gemini announced its European and Australian withdrawal in February alongside plans to cut its workforce.
- KAST raised $80 million in March and has since launched a stablecoin business platform.
- Gemini has pursued U.S. prediction markets through a proposed distribution agreement with Apex.
CoinDesk reported on Nov. 12 that Gemini Space Station, the company behind the exchange founded by Cameron and Tyler Winklevoss, had completed the sale, citing a person familiar with the matter.
Gemini declined to comment. A KAST spokesperson would not discuss the transaction but told the outlet, “we are actively in the market for M&A, as our revenue and footprint grows.”
An earlier indication appeared in a KAST recruitment listing roughly a month before the report. The listing asked a prospective European general manager to oversee the transition of Gemini’s UK and European Union staff, according to the same reporting.
Gemini’s European exit began with February cutbacks
The regional disposal follows a restructuring announced months earlier. As crypto.news previously reported, Gemini disclosed plans in February to cut its workforce by up to 25% and end operations in the UK, EU and Australia while retaining its U.S. and Singapore businesses.
Gemini’s own customer notice set April 6, 2026, as the effective account-closure date for customers in the UK, European Economic Area and Australia. UK and EU accounts were scheduled to enter withdrawal-only mode on March 5, while Australian accounts entered crypto withdrawal-only mode on March 1.
The instructions asked affected customers to withdraw their crypto and fiat before April 6. Gemini partnered with eToro to help customers transfer assets, although its notice made clear they could choose another platform.
Customers with staked holdings were told to begin unstaking early. The exchange warned that approving a new withdrawal address could take up to seven days for users with relevant address-protection features enabled.
KAST raised $80 million before expanding business services
KAST announced an $80 million Series A round on March 9, co-led by QED Investors and Left Lane Capital. Returning investors included Peak XV Partners, HSG and DST Global Partners.
In its funding announcement, the company said it would spend the proceeds on expansion across Latin America, North America and the Middle East, alongside licensing, compliance, product development and hiring.
Founded in July 2024 by former Circle executive Raagulan Pathy, KAST provides dollar-denominated accounts and stablecoin payment services. At the time of the round, it said it had more than one million users and was processing nearly $5 billion in annualized transaction volume.
By September, the company had introduced stablecoin business accounts combining accounts, cards, stablecoin deposits and local-currency payouts. KAST said the service supported transfers in more than 20 currencies and served businesses across over 170 countries.
The company described itself as a fintech using licensed partners for regulated services. Its business platform included tools for receiving payments, holding balances, and paying employees or vendors.
Gemini received founder funding while developing U.S. products
During the restructuring, Gemini secured fresh funding from its founders’ investment firm. Its May 14 earnings announcement disclosed a $100 million investment from Winklevoss Capital Fund, priced at $14 per Class A share and paid in bitcoin.
First-quarter revenue totaled $50.3 million, up 42% from a year earlier. Exchange revenue fell 27% to $17.2 million, while services revenue and interest income reached $24.5 million, accounting for 49% of the total.
Operating expenses reached $144.5 million in the same quarter, up 73% year over year. The company attributed the rise mainly to compensation, marketing, and credit card costs associated with its 2025 expansion, partly offset by workforce reductions.
Its prediction-market business generated $400,000 in its first full quarter after launching in December 2025. Gemini said approximately 20,000 users had traded on the offering since launch.
Gemini then signed an August letter of intent for prediction market distribution through Apex Fintech Solutions. Under the proposed arrangement, Gemini Titan would be the exclusive regulated venue for crypto event contracts offered through Apex’s futures commission merchant.
Brokerages using the arrangement would rely on Gemini for execution and clearing. The companies said they could cooperate on sports, economic, and financial event contracts on a non-exclusive basis, with the agreement subject to final terms.
