- Gemini wins $50M from Nasdaq before its $317M IPO, seeking a $2.22B market valuation.
- Nasdaq secures access to Gemini’s custody and staking services through the new deal.
- Gemini users gain entry to Nasdaq’s Calypso platform for collateral tracking.
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, announced on Tuesday that it has secured a $50 million investment from Nasdaq ahead of its upcoming initial public offering. The deal goes beyond a funding boost. Nasdaq would tap into Gemini’s custody and staking services. In return, Gemini’s institutional clients gain access to Nasdaq’s Calypso platform for streamlined collateral management.
The IPO seeks to raise $317 million through the sale of 16.7 million Class A shares priced between $17 and $19 each. This would give Gemini a valuation of $2.22 billion. Trading is set to begin on September 12 on Nasdaq under the ticker GEMI. With this listing, Gemini would become the third publicly traded U.S. crypto exchange, following Coinbase and Bullish.
Nasdaq and Gemini Forge a New Financial Link
Nasdaq’s move as both investor and strategic partner changes the traditional financial landscape. By embedding crypto custody and staking with Calypso’s collateral tracking, the partnership creates a structural link between markets that were once siloed. It signals how legacy finance and digital assets could be integrated, forming a shared system that reduces inefficiencies for institutional investors.
Gemini plans to use IPO proceeds for a wide range of corporate needs. The company listed product development, administrative costs, capital expenditures, and repayment of debt as priorities. With $21 billion in assets under custody and $285 billion in trading volume already processed, Gemini sees this funding round as a way to strengthen its platform and expand its market presence.
Gemini’s filings show mounting financial pressure. The exchange posted a $282.5 million net loss in the first six months of 2025, up sharply from $41.4 million in the same period a year earlier. Adjusted EBITDA moved from $32 million in profit to a $113.5 million deficit. For 2024, Gemini recorded $158.5 million in losses on $142.2 million in revenue.
Gemini Bolsters IPO Plans with $150M Ripple Credit
In August, Gemini obtained a $150 million credit facility from Ripple to strengthen its finances. The arrangement allows borrowing in the RLUSD stablecoin. Alongside this, the two companies introduced an XRP credit card that offers up to 4% cashback, reflecting Gemini’s effort to broaden services and expand its customer reach.
The listing occurs in an era when there is renewed energy in the U.S. equity capital markets. Recent crypto IPOs have been of strong investor interest. Bullish experienced an increase of over 150% in August, and the stablecoin issuer Circle enjoyed strong demand earlier this year.
Related: Gemini Expands in Europe with ETH, SOL Staking and New Futures
The transaction made by Gemini is unique due to its structure. The investment by Nasdaq integrates blockchain-based assets into an exchange platform. Collateral and custody would be manageable by institutional investors on one axis, enabling barriers between traditional and crypto markets to be reduced. The integration is an essential milestone in the co-evolution of the two financial systems.
The participation of Nasdaq gives Gemini credibility and liquidity. Nasdaq gains exposure to the digital asset system. Through the alignment of operations, both parties reduce risks and costs, while clients gain the advantages of integration platforms.
