Gemini secures $50M Nasdaq investment ahead of IPO
Nasdaq invested $50 million in Gemini, the Winklevoss twins’ crypto exchange, as it prepares for an IPO.
Gemini has secured Nasdaq as a major strategic investor ahead of its public debut scheduled for September 12, 2025, according to Reuters, citing sources familiar with the transaction. The $50 million investment represents a significant endorsement from the major stock exchange operator as Gemini prepares to go public.
The company aims to raise up to $317 million in its IPO, which is expected to list under the ticker “GEMI.” Nasdaq’s stake gives the exchange access to Gemini's custody and staking services, while Gemini’s institutional clients will gain access to Nasdaq’s Calypso collateral-management platform.
The company aims to raise up to $317 million in its IPO, which is expected to list under the ticker “GEMI.” Nasdaq’s stake gives the exchange access to Gemini's custody and staking services, while Gemini’s institutional clients will gain access to Nasdaq’s Calypso collateral-management platform.
Gemini filed for an IPO with the U.S. Securities and Exchange Commission on September 2, 2025. The exchange expects its Class A common stock to be priced between $17 and $19 per share. Gemini currently holds more than $21 billion in assets and has processed over $285 billion in lifetime trading volume.
In H1 2025, Gemini posted a $282.5M net loss on $68.6M revenue, versus a $41.4M loss on $74.3M revenue a year earlier. Gemini says it plans to grow transaction revenue through new products such as derivatives and a wider range of crypto assets, while also increasing non-transaction revenue to help offset market volatility. This cross-platform access could strengthen both companies' positions in the institutional crypto market.
Clearer crypto regulations in the U.S. under the Trump administration have reduced uncertainty, leading to a wave of public listings. On August 13, 2025, Bullish, a crypto exchange backed by Peter Thiel, went public on the New York Stock Exchange. In early September, American Bitcoin, a mining company backed by Eric Trump and Donald Trump Jr., debuted on Nasdaq.
Other major publicly listed crypto firms include Robinhood (HOOD), Strategy (MSTR), Coinbase (COIN), and Circle (CRCL). Meanwhile, exchanges Kraken and BitGo are also reportedly considering IPOs in 2025.
In H1 2025, Gemini posted a $282.5M net loss on $68.6M revenue, versus a $41.4M loss on $74.3M revenue a year earlier. Gemini says it plans to grow transaction revenue through new products such as derivatives and a wider range of crypto assets, while also increasing non-transaction revenue to help offset market volatility. This cross-platform access could strengthen both companies' positions in the institutional crypto market.
Clearer crypto regulations in the U.S. under the Trump administration have reduced uncertainty, leading to a wave of public listings. On August 13, 2025, Bullish, a crypto exchange backed by Peter Thiel, went public on the New York Stock Exchange. In early September, American Bitcoin, a mining company backed by Eric Trump and Donald Trump Jr., debuted on Nasdaq.
Other major publicly listed crypto firms include Robinhood (HOOD), Strategy (MSTR), Coinbase (COIN), and Circle (CRCL). Meanwhile, exchanges Kraken and BitGo are also reportedly considering IPOs in 2025.
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