Gemini Sells UK and EU Businesses to KAST for Under $10 Million

Gemini Space Station, the parent company of the Gemini cryptocurrency exchange, has sold its UK and European businesses to Singapore-based stablecoin payments firm KAST for less than $10 million, CoinDesk reported Thursday. The sale completes a retreat that Gemini announced in February, when it said it would wind down operations in the UK, the European Union and Australia and cut roughly 25% of its global workforce.

The company, founded by Cameron and Tyler Winklevoss, retained only its US and Singapore businesses as it reduces expenses and pushes toward profitability. The disposal price underscores how far the exchange's international franchises had fallen in value relative to the cost of maintaining regulated operations across multiple jurisdictions.

Who is the buyer?

KAST provides stablecoin-based accounts, international transfers and payment cards for consumers and businesses. Former Circle executive Raagulan Pathy founded the firm, which raised $80 million in a Series A round in March led by QED Investors and Left Lane Capital. Part of that funding was earmarked for licensing and compliance — the exact cost centers that made Gemini's European operations expensive to run.

For KAST, the deal delivers established UK and EU corporate entities and, potentially, regulatory footholds that would otherwise take years to build. For Gemini, it converts a cost center into cash while shrinking its balance sheet obligations.

How is Gemini replacing exchange revenue?

Gemini is repositioning itself as a multi-product crypto and financial markets platform as declining spot trading activity pressures its traditional exchange business. The company introduced event contracts through Gemini Predictions, launched commission-free US stock and ETF trading, and secured regulatory approval for affiliate Gemini Olympus to operate as a derivatives clearinghouse. A pending futures commission merchant application could add regulated US crypto perpetual futures to its offerings.

Second-quarter results show the transition is already shifting the revenue mix. Gemini generated $45.5 million in total revenue in the quarter, up 37% year-over-year, as services revenue climbed 149% to $23.5 million. Exchange revenue fell 38% to $12.5 million on lower crypto trading volumes.

The segment breakdown:

• Services revenue and interest income accounted for 59% of net revenue, up from 50% in the first quarter.
• Credit card revenue rose 231% to $16.2 million.
• Staking revenue grew 50% to $4 million.
• Prediction markets contributed $500,000, with trading volume up 93% quarter over quarter.

The $500,000 prediction-market figure is small next to credit cards, but its volume trajectory explains why Gemini treats event contracts as a strategic product rather than a side bet.

What comes next?

Gemini is now pushing distribution beyond its own platform. In August, the company signed a letter of intent with Apex Fintech Solutions to make its regulated crypto prediction markets available through brokerage firms. Under the proposed arrangement, Gemini Titan would serve as the exclusive regulated venue for crypto event contracts distributed via Apex's brokerage network.

The Apex partnership would place Gemini's event contracts in front of retail brokerage customers who have never touched a crypto exchange — a distribution channel worth more than the $10 million the company gave up in Europe. The next indicator to watch is the futures commission merchant application: approval would let Gemini Titan clear regulated perpetual futures and complete its pivot from a spot exchange into a multi-venue financial markets operator.