Gemini is exploring asset sales tied to its former U.K. and European operations as the crypto exchange seeks liquidity and narrows its focus to the United States and Singapore. The talks center on selected business units rather than the sale of the full company. Interest from potential buyers is linked to existing regulatory approvals in Europe and Britain, which can take a long time to secure.
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Potential buyers are assessing parts of Gemini’s shuttered operations in the United Kingdom and Europe, according to a person familiar with the matter. The reported interest is focused on selected assets, not the full Nasdaq-listed company. A company spokesperson “declined to comment.”
The appeal of those assets lies in their regulatory status. Gemini operated in Europe through national registrations and a MiCA license structure that allowed services across the EU market. In the U.K., the company held registration with the Financial Conduct Authority and also had electronic money institution status for certain payment services.
Even so, a takeover would not mean a clean transfer of those approvals. Under Europe’s MiCA framework, a deal involving a licensed crypto firm is treated as a change-of-control event. Regulators review the new owner before the transaction can move ahead. The FCA takes a similar approach in the U.K., where approval does not pass automatically to a buyer.
A person familiar with the matter said some interested parties want the European and British units mainly because gaining such approvals through a fresh application can take years. That makes Gemini’s former regional structure attractive, even after the business closures.
Gemini said in February that it would cut 25% of its global workforce and shut down exchange operations in the U.K., the European Union, and Australia. The company is now keeping its U.S. and Singapore businesses as its main operating bases. The move marks a narrower international strategy after years of broader expansion.
The exchange continues to run a wider set of services beyond spot trading. Gemini offers institutional custody, staking, yield products, payments infrastructure, brokerage, clearing, and a crypto rewards credit card. Still, the company has reduced its geographic reach while keeping its core platforms in markets it appears to view as more workable.
The company has also pushed new products in the United States. One example is Gemini Predictions, a U.S.-based prediction market platform. At the same time, Gemini has been cutting costs and reshaping its workforce as it adapts to weaker market conditions and company-specific pressure.
Reports also point to leadership turnover. Gemini disclosed in a February filing that Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade had left with immediate effect. Beard also stepped down from the board. The company said his departure was not tied to disagreements over operations, policies, or practices.
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Gemini’s stock has been volatile since its September 2025 initial public offering. The shares were priced at $28, opened above $37, and ended their first trading day near $32. Early gains did not last.
The stock later fell sharply and recently traded around $4.36, down more than 80% from its IPO price. Shares rose about 11% after reports on asset interest, while short interest stood at 15% of the float, according to FactSet data. The rebound came after a long slide in the share price.
Pressure on the company has also been linked to its financial position. Gemini reportedly owes 4,619 BTC to Winklevoss Capital, a liability valued at about $330 million. Reports also noted the transfer of roughly $130 million in BTC to Gemini hot wallets, a move that may be linked to liquidity planning.