- Potential buyers are examining Gemini’s shuttered U.K. and European businesses for their regulatory permissions rather than seeking to acquire the entire Nasdaq-listed company.
- Singapore-based KAST offers stablecoin accounts, cross-border transfers and payment cards for consumers and businesses.
- The activity reflects a broader shift toward smaller crypto acquisitions focused on licenses, distribution networks and product capabilities.
KAST Linked to Potential Gemini Overseas Business Deal
Potential buyers are assessing Gemini’s closed U.K. and European businesses to obtain their regulatory permissions, according to information previously reported by CoinDesk. The discussions are focused on acquiring selected overseas operations and licenses rather than pursuing a takeover of Gemini, the Nasdaq-listed cryptocurrency exchange.
Singapore-based KAST is associated with the potential transaction. The company provides accounts, cross-border transfers and payment cards that enable consumers and businesses to hold, move and spend stablecoins. KAST was founded by former Circle executive Raagulan Pathy and raised $80 million in a Series A funding round in March.
QED Investors and Left Lane Capital co-led KAST’s Series A round. The company said licensing and compliance were among the planned uses for the funding, making regulatory permissions a potentially important part of its expansion strategy as it develops stablecoin-based financial services.
Crypto M&A Moves Toward Targeted Acquisitions
The potential Gemini-related deal comes as crypto mergers and acquisitions increasingly center on smaller transactions that add specific regulatory licenses, distribution capabilities and products. Crypto M&A reached $2.2 billion across 67 announced transactions in the third quarter, but total deal value fell 83% from the previous quarter, according to advisory firm Architect Partners.
That pattern suggests market participants are prioritizing targeted assets over large, company-wide takeovers. For firms such as KAST, acquiring or accessing established regulatory permissions could help accelerate market entry and reduce the time required to build compliant operations from the ground up.
Gemini Pursues Broader Markets Strategy
Gemini’s retreat from overseas operations came as the exchange received new financial backing from its founders. Winklevoss Capital Fund injected $100 million into Gemini in May, with the founders’ investment firm purchasing Class A shares for $14 each and paying in bitcoin BTC$73,211.59.
The investment was made while Gemini pursued a restructuring and sought to expand beyond cryptocurrency trading into a broader markets business. The company’s strategy includes developing regulated products that could extend its role across financial services and trading infrastructure.
As part of that expansion, Gemini signed a letter of intent with Apex Fintech Solutions in August to distribute its regulated crypto prediction markets to brokerage firms. Under the proposed arrangement, Gemini Titan would serve as the exclusive regulated venue for crypto event contracts offered through Apex’s futures commission merchant, or FCM.
Why This Matters
The potential transaction highlights the growing value of regulatory infrastructure in the digital-asset industry. Rather than acquiring an entire exchange, buyers may seek individual businesses, licenses and distribution channels that support focused expansion in stablecoins, payments and regulated trading products. Gemini’s restructuring and international retrenchment also show how crypto companies are repositioning around broader financial-market opportunities while managing the cost and complexity of operating across jurisdictions.
Frequently Asked Questions
What are potential buyers examining from Gemini?
Potential buyers are examining Gemini’s shuttered U.K. and European businesses to obtain their regulatory permissions, rather than seeking to buy the entire Nasdaq-listed company.
What does KAST do?
Singapore-based KAST provides accounts, cross-border transfers and payment cards that allow consumers and businesses to hold, move and spend stablecoins.
How is Gemini expanding beyond crypto trading?
Gemini is pursuing a broader markets business. In August, it signed a letter of intent with Apex Fintech Solutions to distribute its regulated crypto prediction markets to brokerage firms, with Gemini Titan proposed as the exclusive regulated venue for crypto event contracts offered through Apex’s FCM.
