Winklevoss twins sell Gemini's UK and Europe business, report says

The parent company of the Winklevoss brothers' crypto exchange Gemini has reportedly sold its UK and European operations to stablecoin firm KAST.

According to CoinDesk, a source familiar with the Gemini Space Station deal, speaking on condition of anonymity, said the operations changed hands for under $10 million.

Last February, Gemini said it would exit the UK, European and Australian markets as part of a cost-saving initiative that also cut 25% of its employees.

Gemini operations bought by $600M firm

Singapore-based KAST was set up by Raagulan Pathy, a former Circle executive, and fintech veteran Daniel Bertoli. It secured $80 million in a funding round earlier this year, giving it a valuation of $600 million.

A KAST job listing reportedly referenced the transaction while searching for a European general manager to manage the handover of Gemini's staff.

Protos has contacted Gemini for a response and will update if it receives a reply.

The exchange has already turned down CoinDesk's request for comment, while KAST only told the outlet that it is "actively in the market for [mergers and acquisitions], as our revenue and footprint grows."

Gemini's stock price keeps falling

Since its 2025 IPO, Gemini's stock has dropped roughly 93% to $2.72.

A April 10-K filing also disclosed a multimillion-dollar loan arrangement between the exchange and its founders, Cameron and Tyler Winklevoss.

In May, the twins invested $100 million via their investment vehicle Winklevoss Capital Fund LLC, and also directed $5 million toward supporting Republicans in the US midterm elections.