Crypto exchange Gemini, founded by Tyler and Cameron Winklevoss, has brought Nasdaq on board as a key investor while preparing for a public listing in New York, according to sources familiar with the matter.
The Winklevoss twins, who became widely known after a legal settlement with Facebook and Mark Zuckerberg in 2008, invested a portion of their settlement in crypto. That early bet turned them into some of the world’s first billionaires in the digital asset space.
The exchange is aiming to raise up to $317 million through its IPO. As part of the plan, Nasdaq will purchase $50 million worth of Gemini shares in a private offering that will coincide with the IPO, the sources said.
The investment is tied to a broader partnership between the two companies. Under the agreement, Nasdaq’s clients will gain access to Gemini’s staking tools and crypto custody, while Gemini’s institutional users will be able to use Nasdaq’s Calypso system for tracking and managing trading collateral.
The arrangement has not yet been made public.
Gemini intends to list on the Nasdaq stock exchange this Friday under the ticker symbol “GEMI.” However, final timing and details still depend on market conditions, which could cause changes, the sources noted.
The offering comes during a period of renewed optimism in U.S. equity markets where investor demand for fresh listings has been strong. Recent IPOs have drawn considerable attention, encouraging more private businesses to consider going public.
Recent IPOs include design software firm Figma and Firefly Aerospace, a space technology company, both of which attracted heavy demand. Crypto-related firms have also been active, with stablecoin issuer Circle and Bullish pulling off high-profile launches.
If successful, Gemini would become the third cryptocurrency exchange to trade publicly, following Coinbase and Bullish.
According to Kaiko data, Gemini ranks among the leading U.S. crypto platforms by trading activity. The exchange currently manages around $21 billion in assets and has processed approximately $285 billion in total trading activity since its launch.
In addition to spot trading, Gemini operates an over-the-counter desk, issues a crypto-focused credit card for U.S. users, and supports a broad list of tokens, including Ether, Bitcoin, and several stablecoins. The exchange caters to both institutional and retail traders, with transaction fees making up the bulk of its income.
It posted a net loss of nearly $283 million on $68.6 million in revenue for the first half of the year ending June 30. That compares with a $41.4 million loss on $74.3 million in revenue during the same period last year, according to filings with the SEC.
Other leading crypto firms like Bit Digital Inc. (NASDAQ: BTBT) will be watching how the listing of Gemini goes. If the IPO is successful, the increasing acceptance of crypto firms by financial markets will further be cemented.
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