Nasdaq lines up $50M investment in Gemini IPO
Gemini prepares Nasdaq debut with $2.2B target valuation, linking custody and staking to Nasdaq’s Calypso platform

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Nasdaq will invest $50 million in Gemini’s initial public offering, aligning the two firms ahead of the crypto exchange’s planned debut under the ticker GEMI, according to reports from Reuters and Bloomberg.
Founded by Cameron and Tyler Winklevoss, Gemini aims to raise up to $317 million in its listing at a target valuation of $2.2 billion, with Goldman Sachs and Citigroup acting as lead underwriters. The IPO would make Gemini the third publicly traded US crypto exchange, following Coinbase, which earlier this year joined the S&P 500, and Bullish.
The deal is structured as a private placement that extends beyond financing. Nasdaq’s clients will gain access to Gemini’s custody and staking services, while Gemini’s institutional users will be able to use collateral management features from Nasdaq’s Calypso system, a risk management platform widely adopted across asset classes.
Gemini’s IPO plans arrive during a rebound in equity capital markets, with recent offerings such as Circle and Bullish drawing strong institutional demand. Gemini reported a $282.5 million loss in the first half of 2025 despite revenue of $68.6 million, underscoring challenges in scaling profitably.
Beyond the US, Gemini is expanding its European presence with new staking services for ether and solana under the EU’s MiCA framework and regulated derivatives under MiFID II, signaling a push to build compliance-driven growth abroad.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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