Gemini Bets Big on Institutional Trust to Survive Crypto Winter

Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has reportedly secured Nasdaq as both a strategic investor and a listing venue ahead of its anticipated initial public offering (IPO). According to multiple reports citing sources familiar with the matter, Nasdaq will invest $50 million in Gemini through a private placement tied to the IPO process, which is expected to trade under the ticker symbol GEMI [5]. This development positions Gemini to become the third U.S.-listed crypto exchange, following in the footsteps of Coinbase and Bullish.

The partnership between Gemini and Nasdaq extends beyond a financial investment. The agreement reportedly links Gemini’s custody and staking services with Nasdaq’s Calypso platform, which offers multi-asset trading and risk management tools. This integration allows Nasdaq clients access to Gemini’s institutional-grade crypto custody solutions, while Gemini’s institutional users will gain access to Calypso’s collateral management features. These tools enable the tracking and management of margin for trading activities, enhancing Gemini’s appeal to institutional investors [5].

Gemini has filed with the U.S. Securities and Exchange Commission for its IPO, offering over 16.6 million shares of Class A common stock at a price range between $17 and $19 per share. Additionally, underwriters have the option to purchase an extra 2.49 million shares to cover over-allotments. The offering is led by Goldman Sachs, Citigroup, and Morgan Stanley as bookrunners [4]. The company has also applied for a Nasdaq listing and aims to debut on the exchange this Friday, though the timeline remains subject to market conditions [5].

Financial details from Gemini’s SEC filing reveal a challenging first half of 2025, with a net loss of $282.5 million, significantly higher than the $41.4 million loss reported in the same period in 2024. The firm also posted an adjusted EBITDA loss of $113.5 million for the period, compared to earnings of $32 million the previous year. These figures highlight the growing financial pressures in the crypto industry amid a broader market correction and shifting investor sentiment [6].

Beyond its U.S. listing plans, Gemini is expanding its European operations, introducing new products to over 400 million investors in the EU and EEA. The rollout includes staking services for ether and solana, as well as Gemini Perpetuals, a regulated derivatives product with up to 100x leverage and no fixed expiration dates. These services operate under European regulatory frameworks, including MiCA for staking and MiFID II for derivatives. Gemini’s European strategy emphasizes accessibility, security, and regulatory compliance, with the firm aiming to position the EU as a global benchmark for crypto regulation [5].

The potential IPO comes at a time of heightened interest in crypto-related investments, with recent IPOs like Bullish and Coinbase generating strong initial returns. However, Gemini’s financial performance contrasts with the early success of its predecessors, underscoring the challenges faced by crypto exchanges in a volatile market. The firm’s ability to attract institutional investors through expanded services and strategic partnerships, such as the one with Nasdaq, will be critical in determining its long-term viability and growth prospects.

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