Potential buyers are evaluating an acquisition of parts of Gemini Space Station, with interest centered on the crypto exchange’s shuttered UK and European operations rather than a full takeover, according to a CoinDesk report.

Gemini spent years building regulatory infrastructure in those markets, and for some buyers, that may be more attractive than acquiring the entire Nasdaq-listed company.

That interest comes after Gemini announced in February that it would cut about 25% of its workforce and wind down operations in the UK, the European Union, other European jurisdictions, and Australia, leaving the US and Singapore as its main operating hubs.

In an 8-K filed on February 5, the company said the retrenchment was part of a broader cost cutting push meant to support a path to profitability. Reuters reported the layoffs could affect as many as 200 employees.

The UK and EU units may look attractive because they came with hard-won regulatory access. Gemini said in August 2025 that it had received a MiCA license from Malta’s financial regulator, giving it a passport to offer services across the EU single market. In the UK, the FCA said Gemini Payments UK is authorized to issue e-money and provide payment services, while Gemini Intergalactic UK appears on the regulator’s cryptoasset register.

Still, any buyer would not simply inherit those permissions automatically. Under UK rules, acquiring control of an FCA-regulated or registered firm requires prior regulatory approval, and the FCA can take up to 60 working days to assess a complete notice.

In Europe, MiCA created a harmonized licensing regime for cryptoasset service providers, but a change of control would still draw regulatory scrutiny rather than amount to a clean transfer of authorization.

The backdrop is a sharp reversal in Gemini’s public market story. Reuters said the company priced its September 2025 IPO at $28 per share, raising $425 million, and the stock opened at $37 before closing its debut at around $32. By April 9, 2026, Yahoo Finance data showed GEMI closing at $4.87, leaving the stock down more than 80% from its IPO price.

Gemini’s operating reset has also been accompanied by senior turnover. In February, the company disclosed the departures of Chief Operating Officer Marshall Beard, Chief Financial Officer Dan Chen, and Chief Legal Officer Tyler Meade, all effective immediately.