Overview
- Gemini’s shares closed up about 9% to roughly $4.87 on Thursday after a CoinDesk report said suitors are eyeing parts of the company.
- People familiar with the talks say bidders want the closed European and U.K. entities to gain regulatory access rather than a full takeover, and the company has declined to comment.
- Under Europe’s MiCA crypto rulebook and U.K. FCA rules, any sale would be treated as a change of control that requires fresh review, so permissions do not transfer automatically.
- In February, Gemini cut about 25% of its workforce, exited the U.K., EU and Australia, and reported the immediate departures of COO Marshall Beard, CFO Dan Chen and CLO Tyler Meade.
- The stock has dropped more than 80% from its $28 IPO price, and sources say buyers view acquiring these units as faster than waiting years for new approvals.