Nasdaq has agreed to buy $50 million of shares in Gemini in a private placement tied to the exchange’s planned initial public offering, Reuters reported, marking a closer financial and operational link between a major market operator and a crypto trading venue.
The deal would give Nasdaq clients access to Gemini’s custody and staking services, while institutional users of Gemini could integrate parts of Nasdaq’s Calypso multi-asset trading and risk-management platform — including collateral management tools to track and manage margin.
Gemini, founded by Cameron and Tyler Winklevoss, is targeting a Nasdaq listing under the ticker GEMI, though sources cautioned the timetable could shift with market conditions. If completed, the IPO would make Gemini the third U.S. crypto exchange to go public, joining Coinbase and Bullish.
This arrangement goes beyond capital: it signals a deeper operational alignment between legacy market infrastructure and crypto venues. For Nasdaq, the investment expands product offerings to institutional clients; for Gemini, it strengthens custody, staking and derivatives capabilities ahead of broader expansion.
Why this matters: The partnership could lower barriers for institutions that want regulated custody and clearer operational controls when accessing crypto markets. Tying Nasdaq’s risk-management systems to Gemini may also reassure compliance-minded investors and counterparties.
Gemini is simultaneously expanding in Europe, rolling out staking for Ether and Solana and launching regulated perpetual derivatives under EU frameworks — moves that reflect a strategy to grow where regulation (MiCA, MiFID II) is more defined.
Risk note: IPO timelines and strategic investments can change, and market or regulatory shifts could affect valuations and product rollouts. Investors should weigh execution and regulatory risks before drawing conclusions.
Source: Reuters. Read the original coverage for full details.
