Nasdaq, a leading global stock exchange, is making a strategic $50 million investment in Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, ahead of its anticipated public listing. This move highlights increasing institutional validation for digital assets, positioning Gemini as the third major crypto platform to go public, following Coinbase and Bullish, and signaling deeper integration of digital assets into traditional finance.
As reported by Reuters, Nasdaq’s investment comes via a private placement coinciding with Gemini’s Initial Public Offering (IPO). This partnership extends beyond capital, integrating key services: Gemini clients will gain access to Nasdaq’s Calypso platform for trading collateral management, while Nasdaq’s clientele will utilize Gemini’s established custodial and staking services.
Gemini aims to raise up to $317 million in its IPO, potentially valuing the company at over $2.2 billion. Trading is slated to begin this Friday on Nasdaq under the ticker GEMI, though plans remain contingent on evolving market conditions. This listing capitalizes on a recovering U.S. equities market, fostering heightened investor interest in new public offerings, a trend exemplified by recent successful debuts from Circle, Bullish, and various technology firms earlier this year.
A prominent U.S. crypto trading platform, Gemini manages $21 billion in assets and over $285 billion in cumulative trading volume, according to Kaiko. Its diversified offerings extend to an Over-the-Counter (OTC) market, a U.S. credit card, and comprehensive support for a broad spectrum of digital assets, including Bitcoin, Ethereum, and various stablecoins.
Despite its expanding market footprint, Gemini’s financial performance shows challenges. For the first half of 2025, the company reported a substantial loss of $282.5 million on revenues of $68.6 million. This marks a significant deterioration from the previous year, which saw a $41.4 million loss on a higher revenue of $74.3 million. The Winklevoss brothers, known as early Bitcoin billionaires from their 2008 legal settlement with Meta (Facebook), founded Gemini and are now leading its foray into public markets.
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