The exchange is targeting a New York debut this week under the ticker GEMI, and insiders say Nasdaq will commit $50 million through a private placement tied to the offering.
The relationship isn’t only financial. The arrangement would link Gemini’s custody and staking services to Nasdaq’s institutional client base, while giving Gemini users access to Nasdaq’s Calypso platform for managing collateral. For Gemini, the deal provides credibility at a time when competition among crypto trading venues is intensifying.
A successful debut would make Gemini the third crypto exchange to go public in the U.S., following Coinbase and Bullish. Recent IPOs from firms like Circle and Firefly Aerospace have shown strong demand, suggesting the market appetite for new listings is returning after a quiet stretch.
Still, Gemini comes with baggage. The exchange reported a $282 million loss on $68.6 million in revenue for the first half of the year, a steep slide from 2024. Yet the company remains a heavyweight by volume, overseeing $21 billion in assets and $285 billion in cumulative trading.
For the Winklevoss brothers — early Bitcoin investors and two of crypto’s most visible figures — the listing is both a validation and a test. Their exchange, once pitched as a conservative, compliance-first platform, now has to convince Wall Street that it can scale profitably in a crowded field.
If investors buy into the story, Gemini’s IPO could be one of the year’s defining deals for digital assets. If not, it risks being another reminder that crypto’s path to the public markets is anything but smooth.
Source: Reuters
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