Gemini’s parent company has completed the sale of its United Kingdom and European businesses to stablecoin payments firm KAST, according to a source familiar with the deal cited by CoinDesk. The transaction was valued at less than $10 million, marking a significant retreat for the exchange after it announced a withdrawal from the UK, Europe and Australia in February as part of a broader cost‑cutting program.

Update, Nov 12, 14:51 UTC: According to Unchained, the UK Financial Conduct Authority had indicated that Gemini’s UK units would close customer accounts on April 6 and that the regulator would continue working with them until their licences were cancelled, though it did not say whether the licences would survive a change of ownership. The outlet also noted that none of Gemini’s recent 8‑K filings referenced the sale, and that the company’s second‑quarter earnings release reiterated its plan to wind down operations in the United Kingdom, the EU and Australia.

Buyer profile and deal background

KAST, a Singapore‑based firm co‑founded by former Circle executive Raagulan Pathy and fintech specialist Daniel Bertoli, raised $80 million in a funding round earlier this year that placed its valuation at $600 million. The firm said it is “actively in the market for mergers and acquisitions” as it expands its revenue and geographic footprint. A recruitment posting by KAST seeking a European general manager referenced the transition of Gemini staff, confirming the operational hand‑over.

Gemini’s recent restructuring

The sale follows Gemini’s February announcement to exit the UK, European and Australian markets, a move that included a 25% workforce reduction. Since its initial public offering in 2025, Gemini’s share price has slumped nearly 93%, trading at $2.72 at the time of reporting. A recent 10‑K filing also disclosed a multi‑million‑dollar loan arrangement between the exchange and its founders, Cameron and Tyler Winklevoss.

What to watch next

Analysts will monitor how KAST integrates Gemini’s existing customer base, estimated at around 15,000 users, and whether the acquisition accelerates KAST’s stablecoin payment services in Europe. Further scrutiny may also focus on Gemini’s remaining operations in the United States and any additional asset sales as the company seeks to stabilise its balance sheet.