Gemini Reportedly Sells UK and European Businesses to KAST

Gemini Space Station has sold its UK and European businesses to stablecoin payments company KAST for less than $10 million, according to a report citing an anonymous person familiar with the transaction. Gemini declined to comment, and KAST has not confirmed the reported deal or price.

A KAST spokesperson said the company was actively pursuing acquisitions as its revenue and international footprint grew, but did not address the reported transaction. There was no joint announcement, and the reported price rests on the anonymous source. The companies have not publicly identified which legal entities, regulatory authorisations, employees or other assets are included.

The reported sale follows Gemini’s February announcement that it would wind down operations in the United Kingdom, the European Union and Australia while reducing its global workforce by about 25%. The company said it would retain its US and Singapore businesses. The restructuring came as Gemini sought to reduce costs and concentrate on fewer markets.

A KAST recruitment listing sought a European general manager to oversee the transition of Gemini’s UK and EU staff. The listing provides an indication of a staff...