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11h ago

Gemini Sets Nasdaq IPO as Nasdaq Clarifies It Will Partner, Not Invest

The offering targets up to $317 million at $17 to $19 per share, with trading as GEMI expected pending market conditions.

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo
Gemini logo is seen in this illustration taken September 9, 2025. REUTERS/Dado Ruvic/Illustration
Nasdaq to invest $50 million in winklevoss twins' gemini crypto exchange: reuters
Tyler Winklevoss and Cameron Winklevoss react on the day of U.S. President Donald Trump signs the "Genius Act", which will develop regulatory framework for stablecoin cryptocurrencies and expand oversight of the industry, at the White House in Washington, D.C., U.S., July 18, 2025. REUTERS/Nathan Howard/File Photo

Overview

  • Initial reports said Nasdaq would buy $50 million of Gemini shares in a private placement, but a Nasdaq spokesperson said the firm is not investing in the IPO.
  • Nasdaq and Gemini instead plan a non-exclusive commercial partnership that will link Nasdaq clients to Gemini custody and staking services.
  • Gemini’s institutional clients are slated to gain access to Nasdaq’s Calypso platform for collateral management across traditional and digital assets.
  • Gemini filed to sell about 16.66–16.67 million Class A shares and aims to begin trading Friday under the ticker GEMI if market conditions permit.
  • SEC filings show a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, and a successful listing would make Gemini the third publicly traded U.S. crypto exchange after Coinbase and Bullish.