Cryptocurrency exchange Gemini, founded by Cameron and Tyler Winklevoss, has secured Nasdaq as a strategic investor in its upcoming New York listing, marking a significant step for the digital asset industry as it pushes further into mainstream finance.
IPO Details
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Gemini is targeting up to $317 million in proceeds from its IPO.
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Nasdaq will buy $50 million in shares in a private placement during the listing.
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Trading is expected to begin Friday under the ticker “GEMI”, though final timing depends on market conditions.
Strategic Partnership
The partnership extends beyond capital:
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Nasdaq clients will gain access to Gemini’s custody and staking services.
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Gemini’s institutional clients will be able to use Nasdaq’s Calypso platform to manage and track trading collateral.
Market Context
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The IPO comes amid a rebound in U.S. equity capital markets, with strong investor demand for new listings.
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Recent high-profile IPOs — including Figma and Firefly Aerospace — have boosted confidence.
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Gemini would become the third publicly traded crypto exchange, following Coinbase and Bullish.
Gemini’s Position
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One of the largest U.S. crypto exchanges by volume, Gemini manages $21 billion in assets and has processed $285 billion in lifetime trading volume.
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Services include an OTC trading desk, a U.S. crypto credit card, and support for Bitcoin, Ether, and stablecoins.
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The company reported a net loss of $282.5 million on revenue of $68.6 million for the first half of 2025, compared with a smaller loss a year earlier.
Broader Significance
The Nasdaq partnership signals a deepening connection between Wall Street and crypto markets, reinforcing digital assets as a mainstream asset class.
The move also positions Gemini as a stronger competitor in an IPO wave dominated by crypto and AI-related firms.