Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has lined up Nasdaq as a strategic investor as it prepares to go public in New York this week, Reuters reported on Sept. 9, citing people briefed on the matter.

According to the report, the share sale could raise up to $317 million, with Nasdaq expected to buy about $50 million of stock in a private placement at the time of the offering.

Gemini plans to trade under the ticker symbol “GEMI.”

The arrangement is more than financial and Nasdaq’s stake will be paired with a partnership giving its institutional clients access to Gemini’s custody and staking products. In return, Gemini customers will be able to use Nasdaq’s Calypso platform to track and manage collateral.

Neither Nasdaq nor Gemini commented on the details. Reuters noted that the exchange’s plans could still shift depending on market conditions.

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Riding a rebound in listings

The offering comes as U.S. equity markets show renewed demand for new deals, with tech and crypto-related companies drawing strong investor interest. A successful debut would make Gemini the third publicly traded exchange after Coinbase and Bullish.

Gemini currently holds about $21 billion in client assets and has processed more than $285 billion in trading volume. Its business spans retail and institutional services, an over-the-counter desk, a credit card and trading in major tokens including Bitcoin, Ethereum and stablecoins.

Financially, the company reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, widening from a $41.4 million loss a year earlier.

The Winklevoss twins, who first rose to prominence through their legal battle with Facebook, invested heavily in Bitcoin in the early 2010s and became known as the “Bitcoin twins.” Their bid to take Gemini public is testament to how deeply digital assets are now tied to Wall Street.

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Tether’s tokenized gold product, XAUT, has released its first official attestation, showing that its total backing amounts to 246,523.33 ounces, equivalent to more than 7.7 tons of gold.

According to an April 28 statement, XAUT is priced at $3,123.57 per token and has a total market capitalization of $770 million. The token reached an all-time high of $3,423 on April 21, representing a 9.6% increase since the close of the first quarter.

Tether described XAUT as the leading product in the tokenized gold sector based on market size, security standards, and regulatory compliance. The firm stated that the attestation is a significant step in reinforcing the project’s transparency and long-term appeal to institutional and retail investors.

Rising gold demand bolsters Tether XAUT

According to Tether, growing global instability has strengthened demand for gold, which inadvertently boosted interest in XAUT.

During the first quarter of 2025, the stablecoin issuer noted that global economic uncertainty, escalating geopolitical risks, and fears of new trade barriers led investors to seek safer assets. This climate helped drive XAUT’s rising market cap to new highs.

Moreover, gold itself delivered a standout performance during the reporting period.

Analysts at The Kobeissi Letter noted that gold prices have outpaced the S&P 500 by 32.6% year-to-date, marking the most significant divergence since 1975.

The analysts also noted that gold prices have rallied 26.5% this year, while the S&P 500 has declined by 6.1%. This trend positions gold for its second consecutive year of outperforming the stock market.

Further supporting gold’s momentum, central banks worldwide are boosting their gold holdings. The precious metal accounts for approximately 18% of global international reserves, the highest level in 26 years. China has been a leading contributor, doubling its gold reserve share to 7.1% since early 2023.

Tether targets emerging markets

Tether CEO Paolo Ardoino revealed that the company plans to expand XAUT’s reach, especially across emerging markets.

According to him:

“With XAUT, we’re offering users the ability to access the security of physical gold in a digital form—secure, easily transferrable, and backed 1:1 by fully held gold reserves. It’s part of our broader commitment to building financial tools that combine the best of traditional assets with the efficiency of blockchain technology.”

This suggests the company intends for XAUT to serve a similar role to USDT in emerging markets.

USDT acts as a digital dollar for over 450 million users globally and holds a market capitalization exceeding $147 billion, according to CryptoSlate’s data.

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