Buyers Eye Gemini’s Closed Europe and U.K. Units for Licenses

TLDR

Table of Contents

Potential buyers are evaluating parts of Gemini rather than the entire company.
Interested bidders want Gemini’s closed Europe and U.K. operations for regulatory access.
European and U.K. approvals do not transfer automatically in an acquisition.
Gemini’s stock has fallen more than 80% from its $28 IPO price.
Gemini disclosed the departures of its COO, CFO, and CLO in a February filing.

Potential buyers are assessing parts of Gemini after the crypto exchange closed operations in Europe, the U.K., and Australia. Sources said bidders want licenses, not the full company. Gemini declined to comment.

The New York company cut 25% of its workforce in February. It also exited the U.K., the European Union, and Australia, while keeping U.S. and Singapore operations.

A person with direct knowledge said some interested parties want the closed European and British units. They seek regulatory access and do not want a full takeover.

Gemini licenses draw buyer interest in Europe and the U.K.

Gemini ran those businesses through national registrations and a MiCA license in Europe. In Britain, it held EMI status and cryptoasset registration with the FCA.

The source said buyers value those approvals because applications can take years. That timing explains interest in the closed units, even without interest in Gemini overall.

Still, buyers cannot simply inherit those permissions after a sale. European rules treat any takeover as a “change of control” event that triggers review.

Acquirers must notify the relevant authority and may need approval before closing. The FCA uses a similar process and does not allow a direct license transfer.

Stock slide and executive exits add to Gemini pressure

Gemini has extended beyond exchange trading into custody, staking, yield products, and payments. It also built a brokerage, clearing, and a crypto rewards credit card.

Yet the company has faced pressure since its September 2025 Nasdaq listing. The stock priced at $28, opened above $37, and closed its debut near $32.

That early rise faded, and the shares later fell to about $4.36. The drop left the stock down more than 80% from the IPO price.

Gemini disclosed three senior departures in a February filing. COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade left effective immediately.

Beard also resigned from the board, and Gemini said no dispute caused his exit. The filing linked the departures to no disagreement over operations, policies, or practices.

The exits came days after Gemini announced the shutdowns in the U.K., EU, and Australia. A company spokesperson declined to comment on the sale discussions.

After the report, Gemini shares rose 11% afterward. FactSet data also showed short interest at 15% of the company’s float.

Gemini Space Station, Inc. Class A Common Stock, GEMI

The company now keeps only its U.S. and Singapore businesses active. Those remaining operations followed the February cuts and the closure of overseas exchange units.

Its European and British entities now draw interest from buyers seeking market access through acquisitions, subject to formal approval reviews.

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