Nasdaq is Betting Big on Gemini Exchange IPO: Report

Gemini, the crypto exchange Cameron and Tyler Winklevoss founded, plans to go public on Nasdaq this week.

The exchange could raise $317 million, with Nasdaq set to invest $50 million. The move would make Gemini the third-listed crypto exchange in the United States.

Nasdaq Backing and Gemini’s IPO Plans

Gemini is moving forward with plans to list its shares on Nasdaq. The exchange could raise $317 million through the offering.

According to reports, Nasdaq has also agreed to buy $50 million worth of shares in a private placement at the time of the IPO.

Notably, this investment is part of a wider partnership. It will allow Nasdaq clients to use Gemini’s custody and staking services.

At the same time, Gemini’s institutional clients will have access to Nasdaq’s Calypso platform, which manages and tracks collateral.

The exchange is expected to trade under the ticker symbol “GEMI.” Trading will begin on Friday, although the timing may change depending on market conditions.

If the deal goes ahead, Gemini will become the third publicly traded crypto exchange in the United States, joining Coinbase and Bullish.

Gemini is one of the larger digital assets trading platforms in the country.

Data from Kaiko shows that it holds about $21 billion in assets. Since launch, it has processed around $285 billion in trading volume.

The company runs an over-the-counter desk, issues a credit card in the U.S., and supports trading in Bitcoin, Ether, and several stablecoins.

Recent filings show that Gemini is not yet profitable. The exchange reported a net loss of $282.5 million for the first six months 2024, with revenue of $68.6 million.

In the same period in 2023, it posted a net loss of $41.4 million on $74.3 million in revenue.

Weighing the Gemini IPO

Furthermore, the upcoming IPO has drawn attention from investors. The company is looking to raise funds partly to pay down third-party debt.

Some see this as a sign of pressure, while others consider it a normal step for a growing exchange.

Revenue has been rising. Gemini made $98 million in 2023 and $142 million in 2024, which marks a growth of about 45%.

At the same time, the exchange has posted heavy losses. In 2023, it recorded a net loss of $320 million. Losses eased to $158 million in 2024 but remain significant.

Most of Gemini’s income comes from transaction fees, a model it shares with other exchanges. The market is competitive, with Coinbase and other platforms offering similar services.

The question for investors is whether Gemini can cut costs and expand its business in a way that improves its bottom line.

Market analysts note that demand for the IPO may depend on investor confidence in Gemini’s ability to move towards profitability.

While Nasdaq’s involvement is a strong signal, the exchange must show it can grow in a crowded field.

Nasdaq Crypto Listings Drawing Attention in 2025

This year, the Gemini IPO is part of a wider trend in equity markets. After a quiet period, new listings are picking up again in the United States.

It is worth noting that strong demand has been seen in sectors such as technology and space.

Figma, a design software maker, and Firefly Aerospace, a space technology firm, drew strong investor interest when they recently went public.

Digital asset firms are also making their way to the market. Stablecoin issuer Circle and exchange operator Bullish have already been listed in 2025.

Coinbase, the first major U.S. crypto exchange to go public, has joined the S&P 500 index.

If the Gemini IPO is completed, it will mark another step for the digital asset industry in public markets. Investors will be watching closely to see how the shares perform.

The outcome could set the tone for other crypto-related offerings that may follow.