According to a Reuters report, Nasdaq will invest $50 million in cryptocurrency exchange Gemini as a strategic investment prior to the firm’s initial public offering. This private placement adds to the capital base of Gemini while increasing its connections to the traditional financial markets.
The partnership allows Gemini to integrate with Nasdaq’s Calypso platform, giving its clients access to advanced collateral management tools. In return, Nasdaq gains regulated access to crypto custody and staking services through Gemini’s infrastructure.
This collaboration positions both firms to serve growing institutional demand for compliant and scalable digital asset solutions.
Gemini Targets $2.2 Billion Valuation in IPO under Nasdaq
Gemini plans to raise up to $317 million through its upcoming IPO, aiming for a valuation of approximately $2.22 billion. The firm will be listed on Nasdaq under the ticker symbol “GEMI” and sell 16.67 million shares at between $17 to $19 apiece.
The underwriting is led by Goldman Sachs, Morgan Stanley, and Citigroup. The move, if successful, will be followed by Bullish and Coinbase as the third U.S.-based crypto exchange to list on the public markets.
The IPO is part of a wider equity market recovery in which investor appetite for digital asset firms improved.
Financials Reflect Growth Strategy
In the first half of 2025, Gemini earned $68.6 million in revenues but had a net loss of $282.5 million. In the first half of the previous year, the company earned $74.3 million in revenues and had a net loss of $41.4 million combined.
Gemini currently has $21 billion in client assets and has done over $285 billion in lifetime volume. These are the kinds of figures that speak to its scale relative to ongoing financial losses.
The company continues to invest capital into building the platform and expanding globally, which are generating short-term loss but should improve long-term standing.
Strategic Alliance Adds Institutional Offerings
Gemini’s partnership with Nasdaq goes beyond investment. By connecting Gemini’s crypto infrastructure with Nasdaq’s institutional-grade tools, the alliance expands both firms’ capabilities in digital asset services.
Gemini will support Nasdaq’s clients with regulated custody and staking, while Nasdaq will offer Gemini’s clients integrated collateral management. This synergy enhances both platforms’ appeal to large institutions seeking compliant, efficient access to crypto markets.
The move comes as part of a larger trend under which incumbent institutions are entering the digital assets space for strategic reasons. In so far as Gemini is heading public, Nasdaq-readiness is an absolute indicator of institutional growth and regulatory readiness.
