Potential buyers are evaluating an acquisition of 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 firm said in February that it was cutting its global workforce by 25% and shutting down its operations in the U.K., the European Union and Australia and keeping only its U.S. and Singapore businesses.

Some would-be acquirers are interested in buying the company's now-shuttered operations in Europe and the U.K. to obtain regulatory licenses in these jurisdictions and are not interested in a full takeover of the Nasdaq-listed company, the person said, who spoke on condition of anonymity as the matter is private.

A company spokesperson declined to comment.

Gemini extends beyond a trading venue, offering institutional custody, staking and yield products, and payments infrastructure enabling fiat–crypto on- and off-ramps. It has also built brokerage and clearing capabilities, positioning itself as a full-service platform rather than just an exchange. The firm also provides 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 across several jurisdictions and a Markets in Crypto-Assets (MiCA) license that enabled it to offer services across the EU single market.

In the U.K., the exchange is registered with the Financial Conduct Authority (FCA) as an electronic money institution (EMI), allowing it to provide certain regulated payment services. It also appears on the FCA's register of approved cryptoasset service providers.

Securing regulatory approvals in Europe and the U.K. can take years, which is why acquiring Gemini’s now-shuttered operations makes sense, the person added.

Under Europe’s MiCA regime, a crypto license doesn’t simply transfer to a new owner in an acquisition. Instead, any takeover of a licensed firm is treated as a “change of control” event, meaning regulators reassess the deal rather than automatically allowing the authorization to pass.

Acquirers must notify the relevant national competent authority and, in many cases, secure approval, or at least a formal non-objection, before closing, effectively subjecting the new owner to regulatory scrutiny similar to a fresh applicant.

The Financial Conduct Authority takes a very similar approach. A crypto firm registered with the FCA does not have a transferable license in an acquisition. A takeover is treated as a change of control, not a transfer of authorization.

Volatile run

Gemini's shares have been volatile since its September 2025 IPO.

The stock was priced at $28 in its IPO, opened above $37 and closed its first day around $32, with intraday gains of more than 30% signaling strong investor demand.

However, that early momentum quickly unraveled.

The stock has since collapsed from its post-listing highs and now trades at around $4.36, down more than 80% from its IPO price, underscoring a steep loss of investor confidence amid a broader crypto market downturn 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 disclosed in a February filing.

COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade all left with immediate effect, according to the filing. Beard also resigned from Gemini’s board of directors, with the firm stating his departure was not the result of any disagreement related to its operations, policies or practices.

The departures came just days after Gemini announced it would shut down its crypto exchange operations in the U.K., European Union and Australia.

Read more: Gemini stock falls 10% after it parts ways with COO, CFO and Chief Legal Officer months after IPO