Gemini, the crypto exchange founded by billionaires Cameron and Tyler Winklevoss of Facebook fame, has secured Nasdaq as a strategic investor ahead of its proposed initial public offering, Reuters reported on Tuesday, citing two people familiar with the matter.
Nasdaq will buy $50 million in shares in a private placement at the time of the IPO, the sources said, asking not to be identified as the agreement is not yet public.
The deal will give Nasdaq’s clients access to Gemini’s custody and staking services, while Gemini’s institutional clients will gain use of Nasdaq’s Calypso platform for managing and tracking trading collateral, the people added.
However, the plans may still change depending on market conditions, the people warned.
The Block reached out to Nasdaq and Gemini for comment.
Gemini eyes raising over $300 million from IPO
Last week, Gemini said it aims to sell 16,666,667 shares of Class A common stock — including granting underwriters a 30-day option to buy an additional 2,396,348 and 103,652 shares — at between $17.00 and $19.00 per share via its IPO, looking to raise over $300 million.
Gemini joins a growing list of crypto companies seeking to go public, including Grayscale, Kraken, Figure, and BitGo. Crypto platform Bullish recently saw its shares jump over 150% on their NYSE debut day last month. Circle, issuer of the USDC stablecoin, also had a blockbuster IPO launch earlier this year.
Gemini aims to debut on Nasdaq this Friday, trading under the ticker “GEMI.” It will become the third publicly traded crypto exchange in the U.S., following Coinbase and Bullish.
When Gemini filed with the Securities and Exchange Commission for its IPO last month, it revealed weaker financial numbers than some expected. The firm registered a net loss of $282.5 million for the first half of 2025, compared to just $41.4 million in losses for the same period the year prior. Adjusted EBITDA in those periods went from earnings of $32 million to a $113.5 million loss, according to the filing. In 2024, the firm logged a net loss of $158.5 million on $142.2 million in revenue.
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