Potential buyers are evaluating acquiring parts of the Gemini Space Station (GEMI), the crypto exchange backed by the billionaire Winklevoss twins, according to a person with direct knowledge of the matter.
The New York-based firm said in February it would cut its global workforce by 25% and close its operations in the United Kingdom, the European Union and Australia and maintain only its businesses in the United States and Singapore.
Some potential buyers are interested in purchasing the company’s now-closed operations in Europe and the United Kingdom to obtain regulatory licenses in these jurisdictions and are not interested in an outright acquisition of the Nasdaq-listed company, said the person, who spoke on condition of anonymity as the matter is private.
A company spokesperson declined to comment.
Gemini extends beyond a trading venue, offering institutional custody, performance and staking products, and payments infrastructure that enables fiat and crypto on- and off-ramps. It has also built brokerage and clearing capabilities, positioning itself as a full-service platform rather than just an exchange. The company also offers a crypto rewards credit card, allowing users to earn digital assets with their daily spending.
Regulatory approvals
In Europe, Gemini operated under a combination of national registrations in several jurisdictions and a Markets for Crypto Assets (MiCA) license that allowed it to offer services across the EU single market.
In the UK, the exchange is registered with the Financial Conduct Authority (FCA) as an electronic money institution (EMI), allowing it to provide certain regulated payment services. It also appears on the FCA’s register of approved cryptoasset service providers.
Obtaining regulatory approvals in Europe and the United Kingdom can take years, so it makes sense to acquire Gemini’s now-closed operations, the person added.
Under Europe’s MiCA regime, a crypto license is not simply transferred to a new owner in an acquisition. Instead, any acquisition of a licensed company is treated as a “change in control” event, meaning regulators reevaluate the deal rather than allowing the clearance to be automatically approved.
Acquirers must notify the relevant national competent authority and, in many cases, obtain approval, or at least a formal non-objection, prior to closing, effectively subjecting the new owner to regulatory scrutiny similar to that of a new applicant.
The Financial Conduct Authority takes a very similar approach. A crypto company registered with the FCA does not have a transferable license in an acquisition. An acquisition is treated as a change of control, not a transfer of authorization.
Volatile career
Gemini shares have been volatile since its September 2025 initial public offering.
The stock was priced at $28 in its initial public offering, opened above $37 and closed its first day around $32, with intraday gains of more than 30% indicating strong investor demand.
However, that initial momentum quickly unraveled.
The stock has since plunged from its post-listing highs and is now trading at around $4.36, more than 80% off its IPO price, underscoring a sharp loss of investor confidence amid a broader crypto market slowdown and company-specific headwinds.
Outings for seniors
The company recently parted ways with three top executives, including its chief operating officer (COO), chief financial officer (CFO) and chief legal officer (CLO), the exchange revealed in a February filing.
Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen and CLO Tyler Meade have left effective immediately, according to the filing. Beard also resigned from Gemini’s board of directors, and the company stated that his departure was not the result of any disagreements related to its operations, policies or practices.
The departures came just days after Gemini announced it would close its cryptocurrency exchange operations in the United Kingdom, the European Union and Australia.
Gemini shares rose 11% after the news. Short interest is 15% of the float according to FactSet data.
Read more: Gemini Shares Drop 10% After Parting With COO, CFO, and Legal Director Months After IPO
UPDATE (April 9, 6:20 pm UTC): Updates the story with stock price movement and quick data of interest.
