Catenaa, Wednesday, September 10, 2025- Crypto exchange Gemini secured Nasdaq as a strategic investor ahead of its initial public offering, according to a filing with the Securities and Exchange Commission.
Nasdaq agreed to purchase $50 million worth of Gemini’s Class A common stock in a private placement at the IPO price, excluding underwriting discounts and commissions.
The investment will link Gemini’s institutional clients with Nasdaq’s Calypso platform for trading collateral, while Nasdaq’s clients gain access to Gemini’s custody and staking services. Sources cautioned the deal could shift if market conditions change.
Founded by Cameron and Tyler Winklevoss, Gemini is aiming to raise more than $300 million by offering 16.7 million Class A shares at between $17 and $19 each.
Underwriters also have an option to purchase additional shares. The firm plans to begin trading Friday n Nasdaq under the ticker GEMI, making it the third publicly listed U.S. crypto exchange after Coinbase and Bullish.
Gemini disclosed losses of $282.5 million for the first half of 2025, widening sharply from $41.4 million during the same period last year.
Adjusted EBITDA moved from a $32 million profit to a $113.5 million loss. In 2024, the company reported a $158.5 million net loss on $142.2 million in revenue.
The IPO comes as crypto companies rush to go public. Recent listings include Circle, Bullish, Kraken and Grayscale, with Bullish seeing shares soar more than 150 percent on its New York debut.
Gemini’s $317 million New York IPO under GEMI will debut Friday, testing US investor appetite for crypto exchanges, with Nasdaq providing non-exclusive custody and staking support but no direct investment.
