Gemini has sold its UK and European operations to Singapore-based stablecoin payments company KAST for less than $10 million, according to a report citing a person familiar with the transaction. Neither company has publicly confirmed the purchase price, and Gemini declined to comment on the reported deal.
The sale follows Gemini's February announcement to exit the United Kingdom, European Union, and Australia as part of a broader cost-reduction strategy. The exchange cut approximately 25% of its global workforce, affecting up to 200 employees, and estimated restructuring charges of approximately $11 million, primarily covering employee-related expenses.
Gemini closed customer accounts in the affected markets on April 6 after a withdrawal-only period. The company retained operations in the United States and Singapore.
KAST, founded by former Circle executive Raagulan Pathy, provides stablecoin payment accounts, international transfers, and payment cards. The company raised $80 million in Series A funding in March, with investors including QED Investors and Left Lane Capital.
The sale reflects broader changes at Gemini as traditional cryptocurrency trading revenue has declined. In the second quarter, exchange revenue fell 38% to $12.5 million, while services revenue climbed 149% to $23.5 million. Total second-quarter revenue reached $45.5 million, a 37% increase year-over-year.
Gemini has expanded beyond crypto trading into new revenue streams. The company launched commission-free US stock trading and expanded its regulated prediction markets business through Gemini Titan. In August, Gemini signed a letter of intent with Apex Fintech Solutions to distribute crypto event contracts through brokerage firms. Prediction markets generated $500,000 in second-quarter revenue, while credit card revenue increased 231% to $16.2 million.
Operating expenses fell 15% in the second quarter to $122.4 million. Gemini reported a $107.7 million quarterly net loss and is scheduled to release third-quarter results after US stock markets close on November 12.
