Gemini's Crypto IPO Becomes Crucible for Investor Confidence in Digital Assets

Nasdaq has reportedly entered a strategic investment agreement with Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, ahead of Gemini’s planned initial public offering (IPO). According to Reuters, Nasdaq will invest $50 million in shares through a private placement at the time of the IPO [1]. This move is expected to allow Nasdaq’s clients to access Gemini’s custody and staking services, while Gemini’s institutional clients will gain access to Nasdaq’s Calypso platform for managing trading collateral [1].

The Winklevoss-founded exchange, now operated under the parent company Gemini Space Station, Inc., is preparing to list on Nasdaq under the ticker symbol GEMI, with a projected debut on September 11, 2025. Gemini filed with the U.S. Securities and Exchange Commission (SEC) in late July 2025, offering 16.666,667 shares of Class A common stock at a price range of $17 to $19 per share. The IPO includes an option for underwriters to purchase an additional 2.5 million shares to cover potential over-allotments [4]. Goldman Sachs, Citigroup, and Morgan Stanley are leading the underwriting process [4].

Gemini’s IPO is expected to raise approximately $300 million, with a valuation of up to $2.2 billion at the top end of the projected pricing range. The firm, which has handled over $285 billion in trading volume since its 2014 launch, currently manages more than $18 billion in crypto assets under custody. Gemini also offers a crypto rewards credit card, digital production studios for creators, and institutional-grade services [3]. Despite these offerings, the company reported a significant net loss of $282.5 million for the first half of 2025, compared to $41.4 million in the same period the prior year. Adjusted EBITDA also turned negative during the same period, transitioning from a $32 million profit to a $113.5 million loss [1].

This investment and IPO come amid a broader trend of crypto companies seeking public market listings, with firms such as Grayscale, Kraken, and BitGo also exploring or preparing for their own IPOs. Earlier this year, Bullish and Circle Internet Group successfully launched their offerings, with mixed post-IPO performances. For example, Bullish’s stock has seen a bearish trend since its debut, while Circle’s stock remains up 62% from its initial price [2]. Gemini’s IPO is considered a key test for investor sentiment toward publicly traded crypto firms, especially as the sector continues to navigate regulatory and market volatility.

The move also highlights Nasdaq’s growing interest in the crypto space, as the exchange looks to position itself as a hub for emerging digital asset market infrastructure. The partnership with Gemini could expand Nasdaq’s offerings for institutional and retail clients by integrating blockchain-based services into its broader financial ecosystem.

Source:

[1] Nasdaq to invest $50 million in Winklevoss-founded crypto (https://www.theblock.co/post/369989/nasdaq-gemini-investment)

[2] Gemini Space Station: Next Big Crypto IPO of 2025? (https://www.publish0x.com/rocketenthusiast/gemini-space-station-next-big-crypto-ipo-of-2025-xxrwzlz)

[3] The IPO Window Is Officially Open. 3 Upcoming Listings (https://www.nasdaq.com/articles/ipo-window-officially-open-3-upcoming-listings-investors-should-keep-eye)

[4] Gemini has officially filed for its IPO, a step that could bring (https://www.facebook.com/manuel.guevarra.369210/posts/gemini-has-officially-filed-for-its-ipo-a-step-that-could-bring-the-decade-old-p/764861986427012/)