According to a source familiar with the matter, potential buyers are showing interest in acquiring parts of Gemini Space Station (GEMI), the crypto exchange supported by billionaire twins Cameron and Tyler Winklevoss. The New York-based company recently announced a 25% reduction in its global workforce and discontinued operations in the U.K., EU, and Australia, retaining only its businesses in the U.S. and Singapore.
Certain prospective acquirers are keen to purchase Gemini’s now-defunct European and UK operations, particularly for their regulatory licenses, without pursuing a complete takeover of the Nasdaq-listed firm. The source requested anonymity due to the confidential nature of these discussions. A company spokesperson declined to comment on the matter.
Gemini offers more than just trading services; it provides institutional custody, staking, yield products, and payments infrastructure that facilitates fiat-crypto transactions both online and offline. Additionally, it has developed brokerage and clearing capabilities, establishing itself as a comprehensive platform beyond a mere exchange. The firm also introduced a crypto rewards credit card, allowing users to accumulate digital assets through regular spending.
In Europe, Gemini operated under national registrations across various jurisdictions alongside a Markets in Crypto-Assets (MiCA) license that permitted service provision throughout the EU single market. In the U.K., it was registered with the Financial Conduct Authority (FCA) as an electronic money institution (EMI), enabling certain regulated payment services. The exchange is also listed on the FCA’s register of approved cryptoasset service providers.
Acquiring Gemini’s now-closed operations in Europe and the UK could be advantageous, given that obtaining regulatory approvals can take years. Under Europe’s MiCA regime, a crypto license doesn’t automatically transfer to a new owner during an acquisition; instead, it is considered a “change of control” event requiring reassessment by regulators.
Acquirers must notify the appropriate national competent authority and usually secure approval or at least a formal non-objection before closing. This process subjects the new owner to regulatory scrutiny akin to that experienced by a new applicant. The FCA adopts a similar approach, where a registered crypto firm’s license is not transferable in an acquisition.
Since its September 2025 IPO, Gemini’s stock has exhibited significant volatility. Initially priced at $28 during its IPO, the shares opened above $37 and closed around $32 on the first day, reflecting over 30% intraday gains indicative of strong investor interest. However, this momentum soon dissipated.
The stock has since plummeted from its post-listing highs and now trades at approximately $4.36, a decline exceeding 80% from its IPO price. This drop underscores waning investor confidence amid a broader downturn in the crypto market and specific challenges faced by Gemini.
Recently, the company announced the departure of three top executives: COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade, effective immediately, as disclosed in a February filing. Beard also resigned from Gemini’s board of directors, with no disagreements cited regarding its operations or policies. These departures followed shortly after Gemini’s announcement to shut down its crypto exchange services in the U.K., EU, and Australia.
Following this news, Gemini shares rose by 11%, while short interest stands at 15% of the float according to FactSet data.
For more information: Gemini stock falls 10% after it parts ways with COO, CFO, and Chief Legal Officer months after IPO.
UPDATE (April 9, 6:20 pm UTC): Updated story with share price movement and short interest data.