Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, plans to list on Nasdaq in New York and expects to begin trading on Friday, subject to market conditions, Reuters reported.
Nasdaq will buy $50 million in shares in a private placement tied to the IPO. The investment is meant to give Nasdaq clients access to Gemini custody and staking services and to link
Gemini’s institutional customers to Nasdaq’s Calypso platform as part of a strategic partnership arranged to coincide with the offering.
Nasdaq stake and partnership
People familiar with the matter said Nasdaq agreed to invest $50 million when Gemini goes public. The investment comes as part of a wider tie-up. Nasdaq clients will gain access to Gemini custody and staking tools.
Gemini institutional clients will get access to Nasdaq’s Calypso system to manage trading collateral. The deal aims to bind the two firms closely during and after the offering.
Gemini could raise as much as $317 million in the IPO. The exact size of the offering will depend on market demand. Sources said the plans are not final and could change.
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IPO timing and ticker
Gemini plans to list on Nasdaq under the ticker GEMI, and the exchange expects to start trading on Friday, according to people who spoke on condition of anonymity. The timing is based on current market conditions. If markets shift, the date could move.
Recent strong demand for new listings has helped boost interest in IPOs this year. Several high-profile listings showed strong first-day gains. That momentum is part of the backdrop for Gemini’s move to public markets.
Business profile and scale
Gemini is one of the larger U.S. crypto trading platforms by volume, and the company holds $21 billion in assets. It has logged $285 billion in lifetime trading volume.
Gemini runs an over-the-counter desk, offers a U.S. credit card, and supports major tokens such as Bitcoin and Ether as well as stablecoins.
The exchange serves both retail and institutional users. Most of its income comes from transaction fees. The firm has sought to expand its product set and its market reach in recent years.
Financials and performance
In filings with U.S. regulators, Gemini reported a net loss of $282.5 million on revenue of $68.6 million for the six months ended June 30.
By comparison, the prior year period showed a net loss of $41.4 million on revenue of $74.3 million. Those figures reflect a widening loss amid a tough market for digital asset firms.
Public investors will watch how Gemini plans to turn revenue into profit. The IPO will test the market’s appetite for crypto exchanges, given recent volatility in the sector.
Where does Gemini fit in the market?
If the offering goes ahead, Gemini would be the third publicly traded crypto exchange in the U.S. market, as Bullish and Coinbase are already listed.
Digital asset companies have been active in equity markets lately. Stablecoin issuer Circle and other crypto firms have had notable public debuts. The results of those listings help set expectations for Gemini’s performance.
Founders and background
Cameron and Tyler Winklevoss founded Gemini after investing part of their settlement from a 2008 legal dispute with Facebook.
The brothers became early Bitcoin investors and later earned the nickname Bitcoin twins. Their profile has helped keep attention on the exchange as it prepares for a public debut.
European licence and expansion
Gemini recently won a Markets in Crypto Assets licence from Malta’s Financial Services Authority. The approval allows the exchange to expand regulated services into more than 30 European jurisdictions. The licence is likely to support Gemini’s push into regulated markets beyond the U.S.
Gemini’s planned IPO and the Nasdaq tie-up mark a major step for the firm. The private placement gives the exchange a high-profile backer and a route to deeper cooperation with a leading market operator.
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