Gemini's TON Move Signals Crypto's IPO-Driven Mainstream Push

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has taken a significant step toward its public listing with the addition of TON (The Open Network) to its platform. The move follows a strategic $50 million investment from Nasdaq, a partnership that strengthens Gemini’s infrastructure and custody capabilities while expanding Nasdaq’s presence in digital assets. This development comes just days before Gemini is set to make its initial public offering on Nasdaq under the ticker symbol “GEMI.” The exchange has also announced plans to tokenize traditional equities, building on its earlier efforts in Europe, where it introduced tokenized shares of companies like MicroStrategy.

The partnership between Gemini and Nasdaq includes a cross-licensing agreement that will allow Nasdaq clients to access Gemini’s staking and custody solutions, while Gemini’s institutional users will gain access to Nasdaq’s Calypso platform for collateral management. The collaboration is part of a broader effort by Nasdaq to integrate tokenized assets into regulated trading environments. In a recent filing with the U.S. Securities and Exchange Commission, Nasdaq proposed updates to securities rules to enable tokenized equities to be traded on compliant platforms. The exchange has expressed concerns about the growing number of U.S. stocks being tokenized and traded outside regulated markets.

Gemini’s public offering is expected to raise approximately $317 million through the sale of 16,666,667 Class A shares, with an additional 2,396,348 shares available under the underwriters' overallotment option. At the top end of its projected $17–$19 per-share range, the exchange could reach a valuation of $2.22 billion. Despite these ambitious fundraising goals, Gemini reported a net loss of $282.5 million for the first half of 2025, a sharp increase from a $41.4 million loss in the same period of 2024. Adjusted EBITDA also declined significantly, shifting from a $32 million gain in early 2024 to a $113.5 million loss in the first half of 2025.

Analysts have weighed in on the timing of Gemini’s IPO, with some suggesting that the current market environment is favorable. Jacob Zuller of Third Bridge noted that the recent strong performance of Bullish, the first publicly traded crypto exchange to see a stock price surge of over 150% on its debut, and the broader regulatory clarity under a crypto-friendly administration are positive indicators for Gemini’s timing. The Winklevoss-founded exchange has established itself as a leading player in the digital asset space, with offerings that include a trading platform and a credit card that rewards users with XRP.

Meanwhile, other major players in the crypto space are also making moves into U.S. public markets. CoinShares, Europe’s largest digital asset manager, has announced plans to go public in the United States through a $1.2 billion merger with Vine Hill Capital, a special purpose acquisition company (SPAC). The transaction, expected to close in late 2025, would see CoinShares shift its listing from the Stockholm exchange to Nasdaq. The company currently holds a 34% share of the European crypto exchange-traded product (ETP) market and is the fourth-largest crypto ETP provider globally. With assets under management tripling in the past two years and adjusted EBITDA margins reaching 76% in the first half of 2025, CoinShares appears well-positioned for expansion into the U.S. market.

Together, these developments signal a growing convergence between traditional financial markets and the crypto industry. With institutional players like Nasdaq deepening their involvement and crypto-native firms securing major deals, the sector is accelerating its integration into mainstream finance. Gemini’s listing of TON, combined with its IPO, marks a pivotal moment in the evolution of cryptocurrency exchanges into publicly traded entities, reflecting both the challenges and opportunities in an increasingly regulated and competitive market.