Gemini Secures Nasdaq Backing Before Public Debut

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has secured a major strategic investment from Nasdaq just days before its scheduled initial public offering (IPO). 

According to a Reuters report published Tuesday, Nasdaq is set to invest $50 million in Gemini through a private share placement tied to the IPO.

The deal will deepen the partnership between the two firms. Nasdaq clients will gain access to Gemini’s custody and staking solutions, while Gemini’s institutional clients will begin using Nasdaq’s Calypso platform to manage and track their trading collateral. 

However, sources familiar with the matter told Reuters that the arrangement is still subject to change based on market dynamics.

The sources, who declined to be named due to the non-public nature of the agreement, added that the two firms have yet to comment officially. Both Gemini and Nasdaq were contacted by reporters but have not responded publicly as of publication time.

The timing of the partnership is notable, coming right as Nasdaq itself moves deeper into digital assets. On Monday, the exchange filed a proposal with the U.S. Securities and Exchange Commission to update securities rules. The changes would allow tokenized versions of traditional equities to be traded on regulated platforms. 

Nasdaq emphasized the need for such products to be made available through established market players, rather than what it called “siloed trading venues.” The exchange also raised concerns over the rise of tokenized U.S. stocks trading in overseas markets.

Gemini has already ventured into this space, launching tokenized versions of stocks in Europe earlier this year. In June, it introduced local tokenized shares of companies like Michael Saylor’s MicroStrategy (MSTR). At the time, the company stated, “Traditional financial rails are hard to access and in need of modernization.”

Gemini Eyes $317M Raise Despite Financial Losses

Gemini filed with the U.S. SEC last month in preparation for its IPO. According to its filing, the company aims to raise around $317 million by offering 16,666,667 shares of Class A common stock. 

The price per share is expected to range between $17 and $19. Underwriters will also have a 30-day option to purchase an additional 2,396,348 shares, along with another 103,652 shares as part of the overallotment.

If all shares are sold at the upper end of the pricing range, the crypto firm could reach a valuation of $2.22 billion. Gemini plans to list its stock on the Nasdaq exchange this Friday under the ticker symbol “GEMI.”

The move would make Gemini the third publicly traded cryptocurrency exchange in the United States, following in the footsteps of Coinbase (Nasdaq: COIN) and Bullish (NYSE: BLSH), the latter of which saw its shares surge over 150% on its debut day last month.

Despite its ambitious fundraising plans, Gemini disclosed weaker financial results in its IPO filing. The firm recorded a net loss of $282.5 million during the first six months of 2025. That figure stands in sharp contrast to the $41.4 million loss reported during the same period in 2024. 

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) also shifted dramatically, from a $32 million gain in early 2024 to a $113.5 million loss in the first half of 2025.

For the full year of 2024, Gemini posted a net loss of $158.5 million on total revenue of $142.2 million.

Despite the losses, analysts believe market conditions could work in Gemini’s favor. “They chose the perfect time,” said Jacob Zuller, an analyst with investment research firm Third Bridge. 

Zuller pointed to the strong debut of Bullish and growing regulatory clarity under a crypto-friendly U.S. administration as key factors supporting Gemini’s timing.

Founded in 2014, Gemini has become one of the better-known cryptocurrency exchanges globally. Its offerings, which include a trading platform and a credit card with XRP rewards, have gained traction among both retail and institutional users.

CoinShares to List on Nasdaq via SPAC Deal

While Gemini prepares for its IPO, another major player in the digital asset space is also eyeing the U.S. public markets. 

CoinShares, Europe’s largest digital asset manager, announced on Monday that it plans to go public in the United States through a $1.2 billion merger with Vine Hill Capital, a special purpose acquisition company (SPAC).

The move would shift CoinShares’ current listing from the Stockholm exchange to Nasdaq, a strategic play aimed at entering the world’s largest asset management market. 

The company is currently valued at $1.2 billion on a pre-money basis and holds a 34% share of the European crypto exchange-traded product (ETP) market.

CoinShares is currently ranked as the fourth-largest crypto ETP provider in the world, behind BlackRock, Grayscale, and Fidelity. Its assets under management have tripled over the past two years, driven by strong investor inflows and a surge in new product launches. 

The company now offers 32 products across four different platforms, up from just four products on a single platform in 2021. Among these, CoinShares Physical is described by the firm as Europe’s fastest-growing digital asset ETP platform, with revenue expanding 5.4 times from 2023 to mid-2025.

CoinShares also reports impressive profitability. Adjusted EBITDA margins hit 76% for the first half of 2025 and 68% for the full year of 2024. 

The SPAC transaction is being priced at a multiple of 7.3 times its 2024 enterprise value to EBITDA, and 10.7 times its price-to-earnings ratio, both lower than peer averages of 20.9x and 25.4x, respectively. A $50 million equity investment from an institutional investor has been committed to help anchor the deal.

CoinShares CEO Jean-Marie Mognetti stated that the move to Nasdaq “is more than a venue change.” He added, “It positions the company for global leadership amid favorable regulatory developments.” 

Mognetti said the firm will apply its successful European strategy to the U.S. market and emphasized that the U.S. is at the center of digital asset innovation.

Nicholas Petruska, CEO of Vine Hill Capital, highlighted CoinShares’ scalable business model and market dominance as key advantages. He noted that the SPAC format would allow CoinShares to tap into U.S. capital markets while retaining control of its operations.

The company is preparing to capitalize on growing U.S. demand for tokenized real-world assets and plans to use its $411 million in net assets, as of June 2025, for strategic acquisitions and organic growth. 

The transaction has received unanimous approval from the boards of both companies and is expected to close in the fourth quarter of 2025, pending shareholder and regulatory clearance. Once completed, the merged entity will be known as Odysseus Holdings Limited.

If Gemini’s public debut proceeds as planned, it will mark another significant milestone in a year already filled with major developments for the crypto industry. 

With institutions like Nasdaq deepening their involvement, and crypto-native firms like CoinShares and Bullish securing major deals, the space appears to be accelerating its integration into mainstream financial markets.