Potential buyers are considering acquiring 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 announced in February that it was reducing its global workforce by 25%, closing its operations in the United Kingdom, the European Union and Australia and retaining only its operations in the United States and Singapore.
Some potential buyers are interested in buying the company’s now-shuttered operations in Europe and the United Kingdom 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 spokesperson declined to comment.
Gemini expands beyond a trading platform, offering institutional custody, staking and yield products, as well as payment infrastructure enabling fiat-to-crypto entry and exit ramps. It has also developed 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 on everyday spending.
Regulatory approvals
In Europe, Gemini operated under a combination of national registrations in multiple jurisdictions and a Markets in Crypto-Assets (MiCA) license that allowed it to offer services in 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. It also appears on the register of FCA-approved crypto-asset service providers.
Obtaining regulatory approvals in Europe and the United Kingdom can take years, which is why acquiring Gemini’s now-shuttered operations makes sense, the person added.
Under the European MiCA regime, a crypto license is not simply transferred to a new owner during an acquisition. Instead, any takeover of an approved company is treated as a “change of control” event, meaning regulators reassess the deal rather than automatically authorizing it.
Purchasers must notify the relevant state competent authority and, in many cases, obtain approval, or at least a formal no-objection, prior to closing, thereby 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 for an acquisition. A takeover is treated as a change of control and not as a transfer of authorization.
Volatile execution
Gemini shares have been volatile since its September 2025 IPO.
The stock was priced at $28 during its IPO, opened above $37 and closed its first day around $32, with intraday gains of more than 30%, signaling strong investor demand.
However, this initial momentum quickly fizzled.
The stock has since crashed from its post-listing highs and now trades at around $4.36, down more than 80% from its IPO price, highlighting a sharp loss of investor confidence amid a broader crypto market slowdown 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 exchange revealed 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 of directors, with the company saying his departure was not the result of a disagreement related to its operations, policies or practices.
The departures came just days after Gemini announced the closure of its cryptocurrency exchange operations in the United Kingdom, European Union and Australia.
Gemini shares were up 11% after the news. Short interest represents 15% of the float according to FactSet data.
Learn more: Gemini stock falls 10% after parting ways with COO, CFO and Chief Legal Officer months after its IPO.
UPDATE (April 9, 6:20 p.m. UTC): Updates the story with stock price action and short interest data.
