Crypto Exchange Gemini Sells U.K. and EU Units to KAST for Under $10 Million
Gemini Space Station has sold its already shuttered U.K. and European operations to Singapore stablecoin payments firm KAST for less than $10 million, according to CoinDesk reporting.
The disposal, if confirmed, would close a retreat Gemini laid out in February when the Nasdaq-listed company approved a plan to exit and wind down operations in the United Kingdom, the European Union and other European jurisdictions, and Australia. The exchange said it would keep operating in the United States and Singapore.
Gemini declined to comment on the reported sale. A spokesperson for KAST would not discuss the transaction but said the company is actively looking at acquisitions as its revenue and footprint grow. Neither firm has issued a public confirmation of a sale, and no regulator has announced a change-of-control approval.
Global Workforce Reduction
The February plan included a reduction in force of up to 200 employees in Europe, the United States and Singapore, or about 25% of Gemini's global workforce as of that date. The company estimated about $11 million in pre-tax restructuring charges, mostly in cash, and said it expected the wind-down to be substantially completed in the first half of 2026.
KAST Expansion Plans
KAST is a Singapore-based financial platform built on stablecoin rails. In March, it said it had raised $80 million in a Series A round co-led by QED Investors and Left Lane Capital. The company, founded in July 2024 by former Circle executive Raagulan Pathy, said it would use the capital for expansion, licensing and compliance.
KAST provides dollar-denominated accounts, cross-border payments and cards that let consumers and businesses hold, move and spend stablecoins. In the March release, it said it had more than one million users and was processing nearly $5 billion in annualized transaction volume.
Investor Focus
The report lands on a busy day for Gemini. The company said on Oct. 20 that it would release third-quarter results after the market close on Thursday, Nov. 12, with a conference call at 8:30 a.m. ET on Friday. Investors will be looking for evidence that the February restructuring is lowering costs and moving Gemini closer to profitability.
The Winklevoss twins earlier this year put $100 million of bitcoin into the company after the stock came under pressure. A sale of the U.K. and EU units for less than $10 million would be a modest figure next to the $11 million in restructuring charges Gemini already booked around the exit.
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