Isabella García
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has announced Nasdaq as a key investor ahead of its upcoming initial public offering (IPO).
According to an updated S-1 filing with the SEC, Nasdaq has agreed to purchase $50 million worth of Gemini Class A common stock through a private placement. The price per share will mirror the IPO rate, excluding underwriting discounts and commissions.
The agreement will allow Nasdaq’s clients to access Gemini’s crypto custody and staking solutions, while Gemini’s institutional users will benefit from Nasdaq’s Calypso platform for trading collateral management, Reuters reported. However, sources noted that these plans could shift depending on market conditions.
Gemini Targets Over $300 Million From IPO
Gemini plans to sell 16.6 million shares of Class A common stock, with underwriters granted the option to buy an additional 2.5 million shares. At an IPO price range of $17 to $19 per share, the firm aims to raise more than $300 million.
The exchange will trade under the ticker “GEMI” on Nasdaq, potentially debuting this Friday. If successful, Gemini will become the third publicly listed U.S. crypto exchange, following Coinbase and Bullish.
Growing List of Crypto IPOs
Gemini joins other crypto companies preparing to go public, including Grayscale, Kraken, Figure, and BitGo. Earlier this year, Circle, the issuer of USDC, also had a high-profile IPO, while Bullish surged over 150% during its NYSE debut last month.
Financial Challenges Ahead of Market Debut
Despite the momentum, Gemini’s financials raise concerns. The company reported a net loss of $282.5 million in the first half of 2025, a sharp increase compared to $41.4 million in losses during the same period last year.
Adjusted EBITDA also shifted from a $32 million profit to a $113.5 million loss. In 2024, Gemini had already posted $158.5 million in net losses on revenues of just $142.2 million.
