Gemini Targets $2.2 Billion Valuation with $50M Nasdaq Partnership

Key Highlights

• Nasdaq invests $50M in Gemini ahead of its New York IPO.
• Gemini ranks among the largest U.S. crypto trading platforms.
• Trading set to begin under ticker GEMI this Friday.

Gemini Gets Strategic Nasdaq Investment Before IPO

Gemini, the cryptocurrency exchange founded by brothers Cameron and Tyler Winklevoss, has secured strategic backing from Nasdaq ahead of its New York listing this week, according to sources familiar with the deal. Nasdaq will invest $50 million in Gemini through a private placement alongside the initial public offering (IPO).

Under the partnership, Nasdaq clients will gain access to the Nasdaq Calypso platform to manage trading collateral and also benefit from Gemini’s custody and staking services. The exchange had originally planned to raise up to $317 million during the IPO, which would value the company at more than $2.2 billion.

Trading is set to begin on Nasdaq this Friday under the ticker GEMI. However, sources warn that market conditions could lead to changes in plans.

Nasdaq Partners with Gemini to Boost Crypto Trading

Gemini’s IPO comes as the U.S. stock market recovers and investor interest in new listings grows. Earlier this year, Circle, Bullish, and several tech companies went public, seeing strong demand on their first day of trading. Gemini will become the third publicly listed crypto exchange after Coinbase and Bullish.

According to Kaiko, Gemini ranks among the largest trading platforms in the U.S., with $21 billion in assets and a total trading volume exceeding $285 billion. The company also operates in the OTC market, issues a credit card in the U.S., and supports a wide range of digital assets, including Bitcoin, Ethereum, and stablecoins.

Gemini’s Financial Performance

Despite its growth, financial results remain challenging. For the first half of 2025, Gemini reported a loss of $282.5 million on revenue of $68.6 million, compared with a loss of $41.4 million on revenue of $74.3 million a year earlier.

The Winklevoss brothers, often referred to as the “Bitcoin Twins,” became some of the first crypto billionaires by investing in Bitcoin with funds from their 2008 settlement with Meta (formerly Facebook). Gemini filed a confidential IPO application in June 2025, signaling its plans to expand further in the digital asset space.