Crypto Exchange Gemini Moves for Nasdaq Listing With $317 Million IPO Raise

Popular crypto exchange Gemini, led by Tyler and Cameron Winklevoss, is moving forward with its plans for a public listing.

Sources familiar with the matter stated that the exchange has brought on Nasdaq as a strategic investor.

The exchange is targeting up to $317 million in its initial public offering, with Nasdaq committing to purchase $50 million worth of shares through a private placement.

The latest investment by Nasdaq is part of a broader partnership that will allow Nasdaq clients to access Gemini’s custody and staking services.

In return, Gemini’s institutional clients will gain access to Nasdaq’s Calypso platform for managing and tracking trading collateral.

According to Reuters, the Gemini crypto exchange will start trading on Nasdaq on September 12, under the ticker symbol GEMI. However, the sources cautioned that the plan remains subject to market conditions.

Gemini to Leverage the Red Hot US IPO Market

The Gemini IPO comes as U.S. equity capital markets show signs of recovery, with renewed demand for new listings.

Crypto firms have played a major role in the US IPO market in recent months, amid high-profile listings from stablecoin issuer Circle (NYSE: CRCL) and cryptocurrency exchange Bullish (NYSE: BLSH).

If successful, Gemini’s listing would make it the third publicly traded crypto exchange, after Bullish and Coinbase.

Since this year’s IPOs, most crypto firm stocks have experienced strong market rallies.

Circle’s stock jumped from its IPO price of around $30 to $300 within two weeks of its June launch. Since then, it has corrected over 60% from that peak and is now trading at $112. Despite the drop, year-to-date gains still stand at 35%.

Crypto exchange Gemini might see an initial thrust after Friday’s listing. The Fed rate cuts that are around the corner could provide an additional catalyst.

Nasdaq Makes a Push for Tokenization

In addition to its recent investment in Gemini, Nasdaq has shown greater interest in the crypto space. Earlier this week, on September 8, the platform made a push towards tokenized securities.

The exchange has filed with the U.S. Securities and Exchange Commission (SEC) to amend securities rules, seeking approval to trade securities in tokenized form.

Nasdaq emphasized that such products should be offered through established, regulated platforms rather than “siloed trading venues.”

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