Crypto Meets Wall Street: Nasdaq Buys Into Gemini as Exchange Prepares to Go Public

Edyme

September 9, 2025

Nasdaq’s clients will gain access to Gemini’s custody and staking services, while Gemini’s institutional users will be able to integrate with Nasdaq’s Calypso platform

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is preparing to step onto the public stage, and it’s bringing Nasdaq along for the ride.

According to a Reuters report citing people familiar with the matter, Nasdaq has agreed to invest in Gemini as part of its upcoming initial public offering (IPO), marking a significant partnership between the traditional markets giant and a major digital asset platform.

Nasdaq steps into crypto with gemini

The deal reportedly involves Nasdaq purchasing $50 million worth of Gemini shares in a private placement tied to the IPO. If all goes according to plan, Gemini could raise up to $317 million when it lists on the exchange later this week under the ticker symbol “GEMI.”

The partnership isn’t just about equity. Nasdaq’s clients will gain access to Gemini’s custody and staking services, while Gemini’s institutional users will be able to integrate with Nasdaq’s Calypso platform, a system designed to manage and track trading collateral.

While neither company has issued public comments yet, sources emphasized that the terms remain subject to market conditions, which could alter the timing or scale of the offering.

Gemini’s push into public markets

Gemini’s IPO comes at a time when U.S. equity markets are showing signs of renewed appetite for listings. Strong debuts from companies like Figma and Firefly Aerospace have encouraged more firms to test demand, and digital asset companies have been part of that momentum.

Circle and Bullish both went public earlier this year, while Coinbase continues to be the highest-profile U.S. exchange listed, even becoming the first crypto exchange to join the S&P 500.

For Gemini, the listing would solidify its position among publicly traded crypto exchanges.

The company currently manages $21 billion in assets and has processed more than $285 billion in trading volume, according to Kaiko data. Its services include retail and institutional trading, an over-the-counter desk, and a crypto-backed credit card.

Financially, the exchange is still navigating losses. In a filing with the SEC, Gemini reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, compared with a $41.4 million loss on $74.3 million in revenue during the same period a year earlier.