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.

Mentioned in this article

Gemini, a crypto exchange built by everyone’s favorite same twins, Cameron and Tyler Winclevos quietly took a big step towards the public. They filed confidentially for the IPO and once everything went well, we were able to quickly see Gemini trades on traditional stock exchanges.

Just the right time

To be honest, crypto companies haven’t always ridden the smoothest on the open market. But Gemini submissions come at a rather strategic moment. With Bitcoin over $70,000 and Ethereum back in green, the general mood of Crypto Land is cautiously optimistic. Even in the landscape of regulation, meanwhile Still bumpy, I feel it a bit It’s less hostile than it was a year ago.

Winklevoss Twins ‘Crypto Firm Gemini IPO https://t.co/tdeis5qcmm confidential file

– CNBC (@cnbc) June 6, 2025

Instead of airing Outside Their finances from the beginning, Gemini I went Confidential root. This allows you to test the water and adjust things behind the scenes before you fully commit. This is a move that many well-known companies have used to avoid investor sports when the market changes.

What Gemini brings to the table

The Gemini, released in 2014, is more than just a crypto exchange. Winklevoss Brothers tried to draw it as a clean, buttoned alternative Wild West of digital assets. This was one of the few platforms I lean out Regulations boasting a reputation for New York’s licenses, SOC audits and security.

Gemini offers crypto trading, staking, custody services, and even Crypto Rewards credit cards. Over the years, I’ve played games that are more conservative than my competitors like Binance and FTX, but that’s appealing to some institutional investors.

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Why this IPO is important

The circle has pulled away from its own IPO with a flashy debut, but now it appears Gemini is ready to follow suit. If Gemini is landing, it could indicate that a crypto company focused on compliance and infrastructure is back to the good bounty of Wall Street.

This could also encourage others in the space to test the water. Companies like Kraken and Opensea have been thinking about flirting in the open market for many years. The successful Gemini Poe is a victory for the twins and the green light for the next wave of crypto companies looking to listings.

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What is the catch?

Crypto companies are still facing scrutiny while things look up. Gemini has had their own brawls with regulators for the past year, especially with regard to the now-deprecated acquisition program. but that It looks like Most of these legal clouds are cleared.

It is also worth remembering that code sentiment can be reversed quickly. If a market tank or lawmaker decides to tighten the rope, its IPO window may close. Gemini takes the calculated risk here, betting that demand for crypto exposure in the stock market is still strong.

Final Thoughts

Winklevoss Twins has created a name bring the action Facebook doubled Bitcoin when most people thought it was a joke. Now they want to bring Gemini to the public, and they do it quietly but intentionally. If they pull it off, it will be another milestone in the crypto march to mainstream finances, but only this time, suits and ties.

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