Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, has secured Nasdaq as a strategic investor ahead of its New York listing this week.
As per a Reuters report, Nasdaq will buy $50 million worth of Gemini shares during the IPO through a private placement. This investment will also result in a collaboration in which Nasdaq clients can access Gemini’s cryptocurrency custody and staking services.
In return, Gemini’s institutional clients will get access to Nasdaq’s Calypso platform, which helps manage and track trading collateral. Gemini expects its shares to start trading on the Nasdaq exchange on Friday under the ticker “GEMI.” However, the plan could still change depending on market conditions.
The IPO could raise up to $317 million for Gemini. This comes at a time when the U.S. stock market is showing strong demand for new listings. Recently listed IPOs like Figma and Firefly Aerospace performed well on their first day.
If successful, Gemini will be the third publicly traded crypto exchange in the U.S., following Coinbase and Bullish. Coinbase even joined the S&P 500 earlier this year. In recent months, digital asset companies such as Circle and Bullish have launched big IPOs.
Gemini’s Position and Challenges
Gemini is a large U.S. crypto exchange with $21 billion in assets and having traded $285 billion in total volume. It does crypto trading, credit card, and includes assets such as Bitcoin, Ether, and stablecoins.
Despite its size, Gemini has struggled financially. In the first half of 2025, it reported a net loss of $282.5 million on revenue of $68.6 million, compared to a smaller $41.4 million loss a year earlier.
The Winklevoss brothers, sometimes called the “Bitcoin twins,” became early crypto billionaires after investing their Facebook legal settlement into Bitcoin. Now, they’re betting big on Gemini’s public debut with Nasdaq’s backing.
Also Read: Crypto Exchange Gemini Aims $2.2B Valuation for Its U.S. IPO
