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