Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has brought on Nasdaq as a strategic investor as it prepares for its New York listing this week, according to two people familiar with the matter told Reuters.
The exchange is aiming to raise up to $317 million in its initial public offering. As part of the deal, Nasdaq has agreed to purchase $50 million worth of shares in a private placement at the time of the listing, the sources said.
The partnership will also see Nasdaq’s clients gain access to Gemini’s custody and staking services, while Gemini’s institutional customers will be able to use Nasdaq’s Calypso platform to manage and monitor trading collateral.
Gemini is expected to begin trading on the Nasdaq this Friday under the ticker “GEMI”, though the timing could shift depending on market conditions. Both Gemini and Nasdaq declined to comment on the matter.
The IPO comes as U.S. equity markets show signs of recovery, with strong demand for new listings encouraging more private companies to test investor appetite.
Gemini’s IPO Could Make It the Third Publicly Traded Crypto Exchange
Recent U.S. stock market debuts, including design software maker Figma (FIG.N) and space technology firm Firefly Aerospace (FLY.O), have attracted strong investor interest on their opening days.
Crypto companies have also been in the spotlight, with high-profile listings such as Circle (CRCL.N), the stablecoin issuer, and Bullish (BLSH.N), a cryptocurrency exchange. Coinbase (COIN.O), which went public in 2021, has since become the first crypto exchange to join the S&P 500 index.
Now, Gemini’s upcoming listing would position it as the third publicly traded crypto exchange after Bullish and Coinbase. According to data from Kaiko, Gemini is one of the largest U.S.-based trading platforms by volume, holding around $21 billion in assets and processing over $285 billion in lifetime trades.
The company also runs an over-the-counter (OTC) trading desk, offers a U.S. crypto credit card, and supports major digital assets like Bitcoin, Ether, and stablecoins. Despite its size, Gemini reported a $282.5 million net loss on revenue of $68.6 million in the first half of 2025, compared with a $41.4 million loss on $74.3 million in revenue during the same period a year earlier, according to a U.S. Securities and Exchange Commission filing.
Gemini’s founders, Cameron and Tyler Winklevoss, are well known as the “Bitcoin twins,” having invested part of their 2008 Facebook (META.O) legal settlement in Bitcoin, a move that helped them become among the first crypto billionaires.
