TREE NEWS update: Gemini has sold its UK and European operations to stablecoin payments firm KAST for less than $10 million, with the deal completed by Gemini Space Station (GEMI), the holding company founded by the Winklevoss brothers. The sale follows Gemini’s February decision to wind down UK, EU and Australia operations and cut about 25% of its global workforce to reduce costs and reach profitability, while retaining the US and Singapore markets. Gemini declined to comment; KAST said it is actively pursuing M&A opportunities.
Gemini sells UK and Europe operations to KAST for under $10M
AI take
The sub-$10 million price tag says more about the value of a licensed regional footprint than about Gemini's brand: a wind-down, even a completed one, tends to clear at asset value rather than franchise value. The signal is consolidation logic in reverse — Gemini is trading geography for cost discipline and a narrower US-Singapore base, while KAST, a stablecoin payments firm openly hunting M&A, picks up regulated market access cheaply. Whether KAST can convert acquired licences into payment flows, and whether Gemini's retreat stops at three markets, are the open questions.
Generated by AI for reference only.
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