Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is preparing to go public with Nasdaq as both its listing venue and an investor, Reuters reported Tuesday, citing sources familiar with the matter.

According to the news outlet, Nasdaq has agreed to buy $50 million worth of Gemini shares in a private placement tied to the initial public offering.

The arrangement apparently goes beyond funding.

Nasdaq’s clients will gain access to Gemini’s custody and staking services, while Gemini’s institutional users will be able to use elements of Nasdaq’s Calypso system, a multi-asset trading and risk management platform. In particular, Gemini’s institutional clients will have access to Calypso’s collateral management features to help track and manage margin for trading activity.

Gemini is aiming for a Nasdaq debut on Friday under the ticker GEMI, though the timeline could change depending on market conditions, the report added.

The Reuters report noted that the offering comes amid a rebound in U.S. equity capital markets, where strong first-day performances from companies like Figma have encouraged more private firms to test investor appetite. Crypto names have also been active in recent months, including Circle and Bullish, whose IPOs drew significant institutional demand.

If completed, Gemini’s flotation would make it the third publicly traded U.S. crypto exchange, following Coinbase, which this year became the first crypto trading platform to join the S&P 500, and Bullish (CoinDesk’s parent company).

Expanding in Europe

Beyond its U.S. listing plans, Gemini is also deepening its presence in Europe. In a Sept. 5 blog post, the company announced a suite of new products for more than 400 million investors across the European Union and European Economic Area.

The rollout includes staking services for ether and solana and the launch of Gemini Perpetuals, a regulated derivatives offering that allows customers to trade perpetual contracts with leverage of up to 100x and no fixed expiration dates. Both products are being offered under European regulatory frameworks: staking is overseen through Gemini’s newly established Malta entity under MiCA approval, while derivatives fall under MiFID II rules, which govern traditional financial markets.

Mark Jennings, Gemini’s CEO for Europe, said the company’s goal is to make staking and derivatives accessible through a secure, easy-to-use platform. Staking, he noted, allows investors to earn rewards by contributing crypto to blockchain validation pools, while perpetual contracts give professional traders more ways to manage risk or take directional bets on the market.

Gemini said its staking service supports flexible pools with no minimum deposits, daily accrual of rewards and yields of up to 6% APR for SOL. For perpetuals, the exchange emphasized that positions can be collateralized with assets already in spot accounts, denominated in USDC, and managed within the same interface as spot trading.

The company framed these moves as part of a broader strategy to make Europe a cornerstone of its business. Jennings said the introduction of MiCA gives the EU a chance to lead globally on crypto regulation, setting standards across all 30 jurisdictions and providing investors with greater confidence.

“Europe continues to be a strategic focus for Gemini,” Jennings said in the blog post. “With MiCA, the region can set the global benchmark for clear, consistent crypto rules.”

Read More: Nasdaq Seeks Nod From U.S. SEC to Tokenize Stocks

---

Argentina’s President Javier Milei is facing impeachment threats after endorsing a cryptocurrency called LIBRA, purportedly intended to support small businesses, which instead crashed and lost billions of dollars in value within hours, according to Reuters.

In a now-deleted late Friday post on X, Milei promoted LIBRA as a privately run project designed to raise money for small and medium-sized Argentinian companies, adding that he doesn’t stand to reap personal gain from the project.

The token rapidly surged to a market capitalization of about $4.5 billion amid confusion over the legitimacy of Milei’s tweet, with speculation that his account may have been compromised or that scammers had deceived him.

Milei deleted the post five hours later, saying that he was “not aware of the details of the project” and, now informed, has chosen not to continue promoting it.

The market then panicked, with insiders cashing out $87.4 million worth of tokens, according to data sources Kobeissi Letter and Bubblemaps. The token’s market cap crashed 90%, erasing over $4 billion in market cap.

The country’s fintech chamber said the LIBRA case could potentially be a “rug pull,” in which developers abandon a project after taking in cash from the initial sale.

“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” lawmaker Leandro Santoro, a member of the Argentine opposition coalition, said Saturday, according to Reuters.