Winklevoss-Founded Gemini Taps Nasdaq as Investor Ahead of IPO

Nasdaq Backs Gemini IPO With $50 Million Investment

Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has secured Nasdaq as a strategic investor ahead of its much-anticipated Gemini IPO. The listing, expected later this week in New York, could raise as much as $317 million.

According to sources, Nasdaq has agreed to purchase $50 million worth of shares in a private placement at the time of the IPO. The deal will also allow Nasdaq’s clients to access Gemini’s custody and staking services, while Gemini’s institutional investors will gain access to Nasdaq’s Calypso platform for trading collateral management.

Third Major Crypto Exchange to Go Public

If successful, the Gemini IPO would make the exchange the third publicly traded crypto platform after Coinbase and Bullish. Gemini plans to trade under the ticker symbol “GEMI” on Nasdaq, although the timing will depend on broader market conditions.

The listing comes amid a rebound in U.S. equity markets, where recent IPOs such as Figma and Firefly Aerospace have drawn strong investor demand. Crypto companies have also been in the spotlight, including stablecoin issuer Circle and Bullish.

Gemini’s Market Position

Gemini is one of the largest U.S. crypto exchanges by trading volume, holding $21 billion in assets and recording $285 billion in lifetime trading volume, according to Kaiko. The platform also operates an over-the-counter trading desk, offers a U.S. credit card, and supports Bitcoin, Ether, and stablecoins.

Despite its scale, Gemini reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025. That compares with a $41.4 million loss on $74.3 million in revenue a year earlier, according to SEC filings.

A Landmark Moment for Winklevoss-Led Exchange

Founded by the Winklevoss twins—dubbed the “Bitcoin twins” for their early crypto investments—Gemini has become a well-known name in digital assets. The Gemini IPO signals the brothers’ ambition to further embed the exchange into global financial markets and strengthen its institutional appeal.

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