Nasdaq has announced a strategic step into the cryptocurrency sector with a $50 million investment in Gemini, a crypto exchange founded by Cameron and Tyler Winklevoss. The updated filing with the U.S Securities and Exchange Commission (SEC) shows that Nasdaq will buy Gemini’s Class A stock during its initial public offering (IPO).

This agreement underscores how Wall Street continues to blend with digital assets. For Gemini, Nasdaq’s support will not only provide the company with new capital but also enhance its credibility in a market full of stiff competition and financial losses. The move also aligns with Nasdaq’s strategy to increase its coverage in custody, staking, and blockchain-based market infrastructure.

Nasdaq’s $50 Million Stake in Gemini

A report by Reuters confirmed the news of Nasdaq plan to invest $50 million in Gemini shares. The report claims that Gemini has already lined up Nasdaq for the purchase of its Class A common stock during the private placement at the time of its IPO. 

“Gemini, which could raise as much as $317 million in the initial public offering, has already lined up Nasdaq to buy $50 million in shares in a private placement at the time of the IPO, the people said, asking not to be identified because the agreement is not yet public,” Reuters report indicated. 

The sale of Gemini’s shares will occur as per the IPO price with less underwriting costs and commissions. Such a setup places Nasdaq as an important collaborator in the public launch of Gemini and aligns the exchange to draw additional institutional participation. 

Furthermore, the partnership between Gemini and Nasdaq also includes operational benefits. Gemini’s institutional customers will gain access to Nasdaq’s Calypso platform, which helps firms monitor and manage collateral linked to trading activity, as confirmed by Reuters. 

At the same time, Nasdaq clients will be able to use Gemini’s custody and staking services. These services have become increasingly important for investors seeking both security and yield on digital assets. 

However, the terms of the partnership may shift depending on market conditions before Gemini completes its listing. Even so, the participation of Nasdaq signals confidence in the long-term role of crypto exchanges in capital markets. It also places Gemini alongside other major platforms that have recently secured ties with traditional financial (TradFi) institutions.

Gemini Targets Over $300 Million IPO Raise

Gemini aims to raise more than $300 million through its IPO, as reported by the Crypto Coin Show a week ago. The company plans to sell 16,666,667 Class A shares in a price range of $17.00 to $19.00 each. Underwriters will have a 30-day option to buy an additional 2,396,348 shares, along with 103,652 Class B shares. If exercised, this could add significantly to the fundraising.

⚡️Update: @Gemini is planning an IPO to raise around $317M at a $2.2B valuation.

The crypto exchange will sell 16,666,667 shares priced between $17 and $19 each and trade on Nasdaq under the ticker GEMI pic.twitter.com/rSi6W4iPEM

— Crypto Coin Show (@CryptoCoinShow) September 2, 2025

 An IPO listing for Gemini will make the exchange the third publicly traded U.S crypto exchange, joining Coinbase and Bullish. Recent debuts from digital asset firms have seen strong demand. Bullish surged over 150% on its first day of trading last month, while Circle, the USDC issuer, drew heavy attention during its IPO earlier in May this year. Gemini hopes to capture similar momentum despite financial setbacks.

However, reports show that the exchange reported a net loss of $282.5 million for the first half of 2025, a steep increase from $41.4 million in the same period last year. Adjusted EBITDA fell from a $32 million gain to a $113.5 million loss. For full-year 2024, Gemini posted a $158.5 million loss on revenue of $142.2 million.

Despite these figures, the Winklevoss-founded platform sees its public listing as a path to greater capital reserves and broader institutional adoption. Trading is expected to begin Friday under the ticker symbol “GEMI.” The outcome will provide a fresh gauge of investor appetite for crypto companies entering the public markets.