Winklevoss' Gemini: Buyers Want the Shuttered Parts, Not the Whole Thing—Licenses Go, Exchange Stays

The vultures have arrived, but they're picking at the carcass rather than taking the whole carcass. Potential suitors are circling Gemini, the Winklevoss twins' crypto exchange, but they're only interested in buying the scraps—not the entire operation. Apparently, when your exchange becomes the crypto equivalent of a foreclosed restaurant, buyers show up with acquisition spreadsheets and a very specific grocery list.

According to a person with direct knowledge, some interested parties are evaluating an acquisition of parts of Gemini's now-shuttered European and U.K. operations specifically to secure regulatory licenses in those jurisdictions. A full takeover of the Nasdaq-listed company? Not on the menu. Apparently, "I'd like the license, hold the exchange" is the current investment thesis du jour.

The move makes sense given the regulatory landscape. Under Europe's MiCA regime and the U.K.'s FCA rules, crypto licenses don't simply transfer to new owners in an acquisition. Instead, any takeover is treated as a "change of control" event, meaning regulators reassess the deal rather than automatically allowing the authorization to pass. Securing approvals from scratch can take years—hence the interest in Gemini's dormant European footprint. Nothing says "exciting business opportunity" like buying a regulatory approval that took half a decade and a small forest in paperwork to obtain.

The timing isn't great for the exchange. Gemini announced in February it was cutting its global workforce by 25% and shutting down operations in the U.K., European Union and Australia, keeping only its U.S. and Singapore businesses. That same month, three top executives—the COO, CFO and CLO—all left with immediate effect. When your C-suite exits faster than retail during a flash crash, you know things are going splendidly.

The stock has been a bloodbath since its September 2025 IPO. Priced at $28, it opened above $37 and closed its first day around $32 with intraday gains exceeding 30%. Those gains are a distant memory. The stock now trades at around $4.36—down more than 80% from its IPO price. Short