CRYPTO M&A: Potential buyers are circling Winklevoss-backed crypto exchange Gemini (GEMI)
Potential buyers are interested in acquiring parts of Gemini's shuttered European operations for regulatory licenses, not a full takeover.Summary
Several potential buyers are reportedly interested in acquiring specific parts of Gemini, the crypto exchange backed by the Winklevoss twins, with a particular focus on its now-closed European operations. These interested parties are primarily seeking to obtain regulatory licenses in these jurisdictions rather than pursuing a complete takeover of the Nasdaq-listed company. Gemini had previously announced a 25% global workforce reduction and the shutdown of its U.K., EU, and Australian operations, retaining only its U.S. and Singapore businesses. Acquiring Gemini's former European operations is seen as a strategic move to bypass the lengthy and complex process of obtaining new regulatory approvals, as a "change of control" event in Europe and the U.K. requires regulators to reassess the deal rather than automatically transferring existing licenses. Gemini's stock has experienced significant volatility since its IPO, dropping over 80% from its initial price, amid a broader crypto market downturn and internal challenges, including recent departures of key executives.
(Source：CoinDesk)