Nasdaq is set to make a notable investment in cryptocurrency exchange Gemini, established by Cameron and Tyler Winklevoss. According to a Reuters report, Nasdaq plans to acquire $50 million worth of shares through a private sale during Gemini’s initial public offering (IPO). This move aims to forge new collaborations between the two entities in terms of customer access and technological infrastructure.
Nasdaq’s Investment in Gemini
Sources reached by Reuters indicate that as part of a simultaneous private sale with Gemini‘s IPO, Nasdaq will purchase $50 million in shares. Under this agreement, Nasdaq’s customers will gain access to Gemini’s custody and staking services. Conversely, Gemini’s corporate clients will be able to utilize Nasdaq’s Calypso platform for tracking and managing transaction margins. Despite not being publicly announced yet, this plan is subject to change based on market conditions, serving as a crucial corporate endorsement in Gemini’s IPO process.
This initiative signals a significant step for Gemini, securing a key institutional backer as it embarks on its IPO journey. The dynamics of this venture might evolve in alignment with prevailing market environments, yet it underscores strategic progress within the crypto financial space by engaging influential market participants.
Gemini’s IPO Journey
Gemini previously announced its intention to offer 16.6 million Class A shares within the $17 to $19 price range. Additionally, IPO consortium members have been granted a 30-day option to purchase additional shares. This share sale is projected to generate over $300 million in funding, amplifying Gemini’s market position.
With plans to trade under the symbol “GEMI” on Nasdaq, this move could position Gemini as the third publicly listed cryptocurrency exchange in the United States, following the footsteps of Coinbase and Bullish.
However, financial disclosures in Gemini’s U.S. Securities and Exchange Commission (SEC) filings have drawn attention. The exchange reported a net loss of $282.5 million in the first half of this year, contrasting the $41.4 million loss during the same period in 2024. Overall, throughout 2024, Gemini announced losses amounting to $158.5 million while achieving revenues of $142.2 million.
