Acquisition interest has been spotted in parts of cryptocurrency exchange Gemini, founded by billionaire twin brothers Tyler Winklevoss and Cameron Winklevoss. Potential buyers are said to be focusing first on its recently closed Europe and UK unit rather than the whole company.

CoinDesk, a blockchain media outlet, reported on April 9 that the key for prospective buyers is local regulatory approvals rather than the business itself. A source familiar with the matter said some candidates are considering buying the unit that exited Europe and the UK to secure regulatory licences in those regions. The source, speaking on condition of anonymity because the deal is private, said they are not interested in acquiring all of Gemini.

Gemini earlier carried out a restructuring in February, cutting about 25 percent of its global workforce and winding down its operations in the UK, the European Union and Australia. It later refocused its business around the United States and Singapore. A filing that month also disclosed that three key executives, including the chief operating officer, chief financial officer and chief legal officer, resigned effective immediately. Gemini explained their departures were not due to disagreements over company operations or policies.

The acquisition review differs in nature from a simple asset sale. Gemini has operated a comprehensive platform that includes spot trading, institutional custody, staking, yield products, deposit and withdrawal infrastructure linking fiat currencies and cryptocurrencies, and brokerage and clearing functions. It has also offered a service that lets users accumulate digital assets via credit cards. Even so, prospective buyers appear to be focusing less on those capabilities and more on securing regulatory status in Europe and the UK.

In Europe, companies can provide services across the single market based on multiple national registrations and a Markets in Crypto-Assets (MiCA) licence. In the UK, firms can run some payment services if registered with the Financial Conduct Authority as an electronic money institution, and they can be included on the list of approved cryptoasset service providers. The industry views buying an existing unit as a practical alternative because obtaining new approvals can take years.

Still, approvals are not automatically transferred with an acquisition. Under Europe’s MiCA framework, buying a licensed company is treated as a change of control rather than a simple transfer. Regulators therefore do not automatically carry over existing authorisations and instead re-examine the transaction itself. A buyer must complete prior notification and obtain approval, or at least a no-objection decision, to close the deal. The UK’s FCA applies similar standards, viewing a crypto company’s registration as a matter for review rather than a transferable asset.

The market is also watching Gemini’s share price. Gemini listed in its initial public offering in September 2025 at an offer price of $28 and began trading above $37 on the first day, but later shifted into a decline. The current share price is about $4.36, more than 80 percent below the offer price. The share price rose 11 percent after the news was reported. FactSet data shows short interest is about 15 percent of free float.

The key going forward is the actual scope of any acquisition and regulatory review. The acquisition candidates are likely targeting not Gemini as a whole but its Europe and UK unit and the infrastructure tied to it. With both the MiCA and UK regulatory frameworks re-examining the new control structure even after an acquisition, whether a deal is completed is likely to hinge on the regulatory approval process rather than price.