Gemini Space Station has sold its already-shuttered U.K. and European operations to KAST, a Singapore-based stablecoin payments firm, for less than $10 million, according to CoinDesk reporting, as the exchange prepares to release third-quarter results after Thursday's close.

Gemini declined to comment. A KAST spokesperson would not discuss the transaction but said the company is actively evaluating acquisitions as its revenue and footprint grow. Neither firm has publicly confirmed a sale, and no regulator has announced a change-of-control approval.

If confirmed, the disposal would complete a retreat Gemini laid out in February. On Feb. 4, the Nasdaq-listed company, which trades under the ticker GEMI, approved a plan to exit and wind down its operations in the United Kingdom, the European Union and other European jurisdictions, and Australia, as part of a broader effort to cut expenses and support a path to profitability. At the time, it said it would keep operating in the United States and Singapore.

The restructuring plan included a reduction in force of up to 200 employees across Europe, the United States and Singapore, or about 25% of Gemini's global workforce as of that date. The company estimated roughly $11 million in pre-tax restructuring charges, mostly in cash, and said it expected the wind-down to be substantially completed in the first half of 2026. Reuters reported the job cuts the same day.

Co-founders Cameron and Tyler Winklevoss, who started Gemini in 2014 as a bitcoin exchange, told customers the firm would "double down on America" after foreign markets proved hard to win and stretched the company's cost base. Gemini later told U.K., European Economic Area and Australian customers that their accounts would close on April 6, with withdrawals-only access beginning in early March.

What would change hands in a sale are the leftover entities, staff and regulatory permissions from those already wound-down units, not Gemini's core U.S. exchange. Those permissions are the licenses that allow a crypto business to serve customers in each jurisdiction. Buyers of shuttered crypto businesses often want the licenses more than the remaining operations. Any transfer of a licensed firm in the U.K. or the EU typically still requires a change-of-control review by local regulators before a new owner can run it.

A payments firm with European ambitions

KAST is a Singapore-based financial platform built on stablecoin rails. In March, it said it had raised $80 million in a Series A round co-led by QED Investors and Left Lane Capital. The company, founded in July 2024 by former Circle executive Raagulan Pathy, said it would use the capital for expansion, licensing and compliance.

KAST provides dollar-denominated accounts, cross-border payments and cards that let consumers and businesses hold, move and spend stablecoins. In the March release, it said it had more than one million users and was processing nearly $5 billion in annualized transaction volume. Those figures have not been independently verified, and KAST has not publicly described a European acquisition. Acquiring permissions that already exist, rather than applying for new ones, is one route to the licensing and compliance goals KAST has said it is pursuing.

The report lands on a busy day for Gemini. On Oct. 20, the company said it would release third-quarter results after the market close on Thursday, Nov. 12, with a conference call at 8:30 a.m. ET on Friday. Investors will be watching for evidence that the February restructuring is lowering costs and moving Gemini closer to the profitability it targeted when it pulled back from overseas markets.

The Winklevoss twins put $100 million of bitcoin into the company earlier this year after the stock came under pressure. Thursday's results will show how the business looks following the overseas wind-down.

A sale of the U.K. and EU units for less than $10 million would be a modest figure next to the $11 million in restructuring charges Gemini already booked around the exit. The larger question is whether a buyer can put those European permissions to work, and whether Gemini confirms the deal when it reports Thursday evening. Any change-of-control approval from U.K. or EU regulators would be a separate public marker that the units have changed hands.

This article first appeared on Bitcoin Magazine and is written by Micah Zimmerman.