The stock of Gemini (NASDAQ: $GEMI) is up 10% as rumours surface that the cryptocurrency exchange is a takeover target.
Multiple media reports say that potential buyers have approached Gemini about an acquisition. However, the company has not made any public statements about a takeover.
Gemini was founded and is run by twin brothers Tyler and Cameron Winklevoss. The company went public last September just prior to the current crypto winter descending.
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Since then, GEMI shares have collapsed, falling 85% to trade at less than $5 U.S. a share, making it a penny stock.
In recent months, the Winklevoss brothers have shuttered operations in Europe and announced plans to launch a prediction market as they try to weather the downturn in Bitcoin (CRYPTO: $BTC) and other digital assets.
According to media reports, potential acquirers are evaluating an acquisition of the entire company or select parts of Gemini’s cryptocurrency business.
Some interested parties are said to be interested in buying Gemini’s previous operations in Europe and the United Kingdom to obtain regulatory licenses in those jurisdictions.
Which companies are kicking the tires at Gemini and other details of an acquisition are not known at this time.
Gemini is not yet profitable. The company is scheduled to next report its financial results on May 11 of this year.
