Potential buyers are weighing a takeover of parts of 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 company said in February that it is cutting its global workforce by 25% and closing its operations in the UK, EU and Australia, keeping only its US and Singapore businesses.
Some potential acquirers are interested in buying the company’s now-closed operations in Europe and Britain to obtain regulatory licenses in those jurisdictions and are not interested in a full takeover of the Nasdaq-listed company, said the person, who spoke on condition of anonymity because the matter is private.
A company spokesman declined to comment.
Extending beyond a trading venue, Gemini offers institutional custody, stake and return products and payment infrastructure enabling fiat-crypto on- and off-ramps. It has also built brokerage and clearing capabilities and is positioning itself as a full-service platform rather than just an exchange. The firm also provides a crypto-rewards credit card that allows users to earn digital assets on daily spending.
Authority approvals
In Europe, Gemini operated under a combination of national registrations across multiple jurisdictions and a Markets in 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), which allows it to provide certain regulated payment services. This is also evident from the FCA’s register of approved providers of crypto-assets.
Securing regulatory approvals in Europe and the UK can take years, so acquiring Gemini’s now-shuttered operations makes sense, the person added.
Under Europe’s MiCA regime, a crypto license is not simply transferred to a new owner in an acquisition. Instead, any takeover of a licensed firm is treated as a “change of control,” meaning regulators reassess the deal rather than automatically allowing approval to pass.
Acquirers must notify the relevant national competent authority and, in many cases, secure approval, or at least a formal no-objection, before closing, effectively exposing the new owner to regulatory scrutiny similar to a new applicant.
The Financial Conduct Authority takes a very similar approach. A crypto firm registered with the FCA does not have a transferable license in an acquisition. A takeover is treated as a change of control, not a transfer of authority.
Fleeting run
Gemini’s shares have been volatile since the September 2025 IPO.
The stock was priced at $28 in the IPO, opened above $37 and closed its first day around $32, with intraday gains of more than 30%, signaling strong investor demand.
However, the early momentum quickly dissipated.
The stock has since collapsed from its post-IPO highs and is now trading at around $4.36, down more than 80% from its IPO, underscoring a steep loss in investor confidence amid a broader crypto market downturn and company-specific headwinds.
Senior departures
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 stock exchange disclosed in a February filing.
COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade all left effective immediately, according to the filing. Beard also resigned from Gemini’s board, and the firm said his departure was not the result of any disagreement related to its operations, policies or practices.
The departures came just days after Gemini announced it would shut down its crypto exchange operations in the UK, EU and Australia.
Gemini shares were 11% higher after the news. Short interest is 15% of float according to FactSet data.
Read more: Gemini stock falls 10% after it sheds COO, CFO and chief legal officer months after IPO
UPDATE (April 9 at 18:20 UTC): Updates the history with the stock price movement and short interest data.
