Gemini reportedly sells its UK and EU units to KAST
Gemini has reportedly sold its already closed UK and European operations to Singapore's KAST for under $10 million, according to CoinDesk via Bitcoin Magazine.
The facts
- According to CoinDesk reporting cited by Bitcoin Magazine, Gemini sold its already shuttered UK and European operations to Singapore stablecoin payments firm KAST for less than $10 million.
- Neither company has publicly confirmed the sale, Gemini declined to comment, and no regulator has announced a change-of-control approval.
- Gemini approved the wind-down in February as a cost-cutting move, including cuts of up to 200 jobs, about 25% of its global workforce, and about $11 million in estimated restructuring charges.
- KAST said in March it raised $80 million in a Series A and had over one million users; those figures are not independently verified.
Case notes · Danny's take
Why it matters
A shuttered business can still hold something valuable: licences. In Europe, those permissions are slow and costly to win, so a buyer may pay for the paperwork rather than the operations. For KAST, it could be a shortcut into a hard market. For Gemini, it is a small cheque set against the $11 million it already booked to leave. Retreating is not free, even when the exit is orderly.
For traders
Don't trade the rumour. Watch whether Gemini confirms or ignores the deal in its third-quarter results, and whether costs are actually falling after the February restructuring. Treat unconfirmed deal figures as unconfirmed until a filing says otherwise.
For builders
Stablecoin payment firms are buying regulatory permissions, not just building them. If you are planning a European launch, expect licensing and change-of-control reviews to set your timeline, and plan the compliance work first.
Not financial advice. Do your own investigation.
This story was summarised with AI from Bitcoin Magazine's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.