Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has secured a strategic $50 million investment from Nasdaq as it prepares to go public. The deal comes just days before Gemini’s expected market debut, which would make it the third publicly traded crypto exchange in the U.S.
Nasdaq Buys Into Gemini’s IPO Plans
According to Gemini’s updated S-1 filing with the Securities and Exchange Commission, Nasdaq agreed to purchase $50 million worth of the company’s Class A common stock through a private placement. The purchase price will match Gemini’s IPO offering price, excluding underwriting fees.
The partnership extends beyond financial backing. Nasdaq’s clients will gain access to Gemini’s crypto custody and staking services, while Gemini’s institutional users will be able to leverage Nasdaq’s Calypso platform for managing and tracking trading collateral, Reuters reported. However, sources cautioned that the arrangement could shift depending on market conditions.
Gemini Targets $300 Million Raise
Gemini aims to sell 16.7 million shares of Class A stock, priced between $17 and $19 per share, giving the company a chance to raise more than $300 million through its IPO. Underwriters also have a 30-day option to purchase additional shares.
If successful, Gemini will begin trading on Nasdaq this Friday under the ticker “GEMI”, joining Coinbase and Bullish as the only U.S.-listed crypto exchanges. The move comes amid a broader wave of digital asset firms eyeing the public markets. Recent entrants include Grayscale, Kraken, Figure, and BitGo, while stablecoin issuer Circle delivered one of the year’s biggest IPOs. Bullish, another exchange, saw its shares more than double on their NYSE debut last month.
Financial Headwinds Ahead of Listing
Despite its high-profile backers and growing ambitions, Gemini is heading into the IPO with significant financial challenges. The company reported a net loss of $282.5 million in the first half of 2025 — a sharp increase from the $41.4 million loss during the same period in 2024. Adjusted EBITDA also swung from a $32 million profit to a $113.5 million loss. For the full year 2024, Gemini logged $158.5 million in net losses on $142.2 million in revenue.
