Potential Buyers Circle Winklevoss-Backed Crypto Exchange Gemini

Potential buyers are evaluating an acquisition of parts of Gemini, 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. Gemini extends beyond a trading venue, offering institutional custody, staking, and yield products, and payments infrastructure enabling fiat–crypto on- and off-ramps.

The potential acquisition comes at a time when Gemini is looking to streamline its operations and focus on its core markets. The company's decision to shut down its European operations has created an opportunity for buyers to acquire its regulatory licenses and expand their own presence in the region. A deal is expected to be announced in the coming months, with Gemini's U.S. and Singapore businesses likely to remain intact.