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

Gemini Space Station (GEMI), the New York-based holding company operating the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, sold its UK and EU operations to stablecoin payments company KAST, according to a person familiar with the matter.

The purchase price was below $10 million, the person said, speaking on condition of anonymity because the matter is private.

Strategic Retreat

The disposal follows Gemini's decision earlier this year to pull back from international markets and restructure its business to reduce costs and pursue profitability. In February, the company announced plans to wind down operations in the UK, the EU and Australia and cut about 25% of its global workforce, while retaining its US and Singapore businesses.

CoinDesk previously reported that potential buyers were examining Gemini's shuttered UK and European businesses to obtain their regulatory permissions, rather than pursuing a takeover of the entire Nasdaq-listed company.

KAST Expansion

Singapore-based KAST provides accounts, cross-border transfers and payment cards that allow consumers and businesses to hold, move and spend stablecoins. Founded by former Circle executive Raagulan Pathy, the company raised $80 million in March in a Series A round co-led by QED Investors and Left Lane Capital.

Market Context

The transaction comes as crypto dealmaking shifts 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, down 83% by value from the previous quarter, according to advisory firm Architect Partners.

Gemini's overseas retreat came alongside fresh financial backing from the company's founders. Gemini received a $100 million capital injection from Winklevoss Capital Fund in May, with the founders' investment firm buying Class A shares at $14 apiece and paying in bitcoin BTC $73,512.58.