Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has secured a $50 million investment from Nasdaq ahead of its initial public offering set for September 12. The deal, revealed Tuesday through Reuters, makes Nasdaq a strategic backer as Gemini goes public with a target valuation of $2.22 billion.
According to a SEC filling, the IPO aims to raise $317 million by offering 16.67 million shares priced between $17 and $19. Shares will trade on the Nasdaq exchange under the ticker GEMI, with Goldman Sachs and Citigroup leading the process.
Under the agreement, Nasdaq will purchase $50 million in Gemini shares through a private placement during the offering.
The move also creates a partnership where Nasdaq’s clients gain access to Gemini’s custody and staking services. Gemini’s institutional clients, in turn, will be able to use Nasdaq’s Calypso platform, a tool that helps manage and track trading collateral.
According to sources familiar with the matter, the partnership is designed to strengthen ties between traditional finance and digital assets.
Notably, the exchange holds $21 billion in assets and has recorded $285 billion in trading volume, making it one of the largest U.S. crypto trading platforms. Despite its size, Gemini has faced financial strain. The company reported a net loss of $282.5 million on revenue of $68.6 million in the first half of 2025. That compares with a $41.4 million loss on $74.3 million a year earlier.
However, Proceeds from the IPO are expected to go toward product development, debt repayment, corporate expenses, and expansion of services like stablecoins and the Gemini Dollar.
Gemini will become the third crypto exchange to trade publicly, following Coinbase and Bullish. Its IPO follows a $150 million credit line from Ripple, which included an option to borrow in RLUSD stablecoin.
The two firms also partnered to launch an XRP credit card offering up to four percent cash back. The listing comes as U.S. equity markets rebound, with strong demand for new offerings from companies such as Figma and Firefly Aerospace.
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