Gemini Space Station, the parent company of the crypto exchange owned by Cameron and Tyler Winklevoss, has completed the sale of its UK and European Union operating units to KAST. The transaction value for the divestment of the two regional units was under $10 million.
The deal delivers on Gemini’s restructuring plan announced in February 2026. At the time, the exchange slashed 25% of its workforce and closed operations across the UK, EU, and Australia to refocus on the United States and Singapore.
Who Is KAST, the Firm Acquiring the European Units
KAST, the entity taking over Gemini’s business across the two regions, is a stablecoin payments company founded in July 2024 by former Circle executive Raagulan Pathy.
Despite being in operation for just two years, KAST secured $80 million in Series A funding in March 2026. The capital round was led by QED Investors and Left Lane Capital, with backing from Peak XV Partners, HSG, and DST Global Partners.
The KAST platform provides US dollar-denominated accounts and stablecoin payment facilities. Its network currently logs an annualized transaction volume approaching $5 billion from more than one million users across 170 countries.
Surge in Operating Expenses Ahead of Efficiency Measures
The exit from the European market follows ballooning internal expenses at Gemini. Before the efficiency drive took effect, the exchange’s operating expenses surged 73% year-over-year to $144.5 million. Compensation costs, marketing spend, and product expansion were the primary drivers behind the rise in operational overhead.
Amid the organizational restructuring, Gemini received an internal capital injection of $100 million from the Winklevoss Capital Fund. The additional capital was contributed in Bitcoin (BTC) at a benchmark price of $14 per Class A share.
Customers Urged to Empty Balances
Before the sale to KAST was finalized, Gemini had already halted services for users in the region. The exchange set an April 6, 2026 deadline for customers in the UK, European Economic Area (EEA), and Australia to clear their account balances.
Customers were given the option to withdraw their crypto assets directly or transfer their portfolios to eToro, Gemini’s designated partner platform.
For users in the UK and Europe who completed their fund transfers, the finalized acquisition by KAST confirms that Gemini’s operations have officially changed hands across both regions.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
