Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has formalized an agreement for Nasdaq to acquire $50 million of its shares in a private placement concurrent with Gemini’s planned initial public offering in New York. The deal was arranged through undisclosed sources with knowledge of the matter and has not yet been publicly announced by the parties.
Under the terms of the strategic investment, Nasdaq will purchase newly issued shares in Gemini at the time of its IPO, which could raise up to $317 million in total. The private placement will allow Gemini to strengthen its capital base while offering Nasdaq’s institutional clients access to Gemini’s custody and staking services. The transaction is contingent upon market conditions and regulatory approvals, and both sides have maintained confidentiality until final execution.
Gemini expects its shares to begin trading on Nasdaq under the ticker “GEMI” on Friday morning. The exchange format will follow standard listing protocols with traditional equity settlement. Nasdaq’s involvement is intended to signal confidence in Gemini’s business model and the broader cryptocurrency sector. As part of the partnership, Gemini’s institutional clientele will gain integration with Nasdaq’s Calypso collateral-management platform to optimize margin and risk controls.
Gemini’s IPO will mark the third direct listing of a major cryptocurrency exchange in the United States, following Coinbase and Bullish. Market participants will observe the performance of Gemini’s shares as an indicator of investor appetite for crypto-branded equity offerings amid volatile digital-asset markets. Analysts at leading brokerages have noted that successful IPO execution may encourage additional crypto firms to pursue public-market financing.
Gemini was founded in 2014 and has grown to manage over $21 billion in assets, with a cumulative trading volume exceeding $285 billion. The exchange provides over-the-counter trading, credit-card-based purchases, and support for a broad array of digital assets, including Bitcoin and Ether. Revenue is principally derived from trading fees, with supplementary income from custody and staking products. The Winklevoss brothers remain prominent figures in the firm’s governance and have focused on regulatory compliance to solidify their market position.
Reporting by Echo Wang in New York; Editing by Dawn Kopecki and Christopher Cushing.
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