Potential buyers are reportedly considering the acquisition of parts of Gemini Space Station (GEMI), the cryptocurrency exchange established by the Winklevoss twins. According to a source familiar with the situation, the New York-based company, which announced significant layoffs earlier this year, is now enticing potential acquirers interested in its previously operational segments in the U.K. and Europe.
In February, Gemini revealed plans to reduce its global workforce by 25% and terminate its operations in several international markets, including the U.K., the EU, and Australia, while maintaining a focus on its U.S. and Singapore entities. Some potential buyers appear to be particularly interested in acquiring Gemini’s shuttered European operations to obtain the regulatory licenses necessary to operate within those jurisdictions. However, these prospective buyers do not seek to acquire the entire Nasdaq-listed company.
The spokesperson for Gemini did not provide any comments regarding these developments, adding an air of confidentiality to the ongoing negotiations.
Gemini offers more than just a traditional trading platform; it has diversified into institutional custody services, staking and yield products, and payments infrastructure that allows for fiat-crypto on- and off-ramps. This strategic positioning as a full-service platform rather than merely an exchange includes a crypto rewards credit card, enabling users to earn digital assets from everyday spending.
To operate in Europe, Gemini held various national registrations and a Markets in Crypto-Assets (MiCA) license that allowed the company to provide services across the EU’s single market. In the U.K., Gemini is recognized by the Financial Conduct Authority (FCA) as an electronic money institution (EMI), which authorizes it to deliver specific regulated payment services. The exchange is also listed in the FCA’s register of approved cryptoasset service providers.
Acquiring Gemini’s now-defunct operations could expedite the regulatory licensing process for buyers. The MiCA regulations indicate that a crypto license doesn’t automatically transfer to a new owner in the event of an acquisition. Instead, regulatory authorities approach such transactions as “change of control” events, meaning they reassess the situation instead of permitting an immediate transfer of authorization. Similarly, the FCA mandates that any crypto firm acquisition goes through rigorous scrutiny before changing ownership.
Gemini has experienced significant volatility since its initial public offering in September 2025, where shares debuted at $28, opened above $37, and closed the first day around $32. This initial excitement was short-lived, as the company’s stock has since plummeted more than 80%, now trading at approximately $4.36 amidst a broader downturn in the cryptocurrency market and specific challenges faced by the firm.
The company has also seen notable senior management changes, with three high-profile executives departing. This includes the chief operating officer, chief financial officer, and chief legal officer, who all left with immediate effect shortly after Gemini announced its decision to cease operations in various international markets. While the departures raised concerns about the company’s stability, Gemini’s share price was observed to increase by 11% post-announcement. Current data indicates that approximately 15% of its float is subject to short interest, as reported by FactSet.
