Gemini Space Station (GEMI) saw its stock jump nearly 9% on Thursday after CoinDesk reported that potential buyers are looking at acquiring parts of the Winklevoss-backed crypto exchange.
Gemini Space Station, Inc. Class A Common Stock, GEMI
The stock moved from around $4.48 to close near $4.87, with an intraday high of $5.18. Volume hit 5.5 million, well above its average of 1.8 million.
The interest is not in a full buyout. Sources told CoinDesk that acquirers are focused specifically on Gemini’s now-closed operations in Europe and the U.K. — and the regulatory licenses that come with them.
In February, Gemini announced it was cutting its global workforce by 25% and shutting down operations in the U.K., the European Union, and Australia. The company said it would focus solely on its U.S. and Singapore businesses going forward.
Those overseas operations held real regulatory value. In Europe, Gemini operated under a Markets in Crypto-Assets (MiCA) license, which allowed it to serve customers across the EU single market. In the U.K., it held Financial Conduct Authority (FCA) registration as an electronic money institution.
Securing those kinds of approvals from scratch can take years. That’s the draw for would-be buyers.
Under MiCA rules, a crypto license doesn’t automatically transfer in an acquisition. Regulators treat it as a “change of control” and reassess the new owner — similar to reviewing a fresh applicant. The FCA takes the same approach.
So while the licenses aren’t simply handed over, acquiring the existing registered entity still gives buyers a meaningful head start compared to applying from zero.
Gemini has not commented officially on the CoinDesk report.
The February restructuring came alongside the departure of three senior executives. COO Marshall Beard, CFO Dan Chen, and CLO Tyler Meade all left with immediate effect, as disclosed in a filing. Beard also stepped down from the board. The company said his exit was not related to any disagreement over operations or policy.
GEMI went public in September 2025 at $28 per share. It opened above $37 on its first day and closed around $32, with intraday gains of more than 30%.
That momentum didn’t last. The stock has since dropped more than 80% from its IPO price and was trading near $4.36 before Thursday’s bounce.
Short interest sits at 15% of the float, according to FactSet data.
The company’s market cap currently stands at around $584 million. Its 52-week range runs from $3.91 to $45.89.
Gemini offers more than just a trading platform. Its services include institutional custody, staking, yield products, payments infrastructure, and a crypto rewards credit card.
Thursday’s jump came after the CoinDesk report landed. The stock ended the day up roughly 9%, though it remains far below where it debuted just seven months ago.
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