Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is preparing to debut in New York this week in a move expected to raise as much as $317 million. The listing marks one of the most closely watched U.S. public offerings in the digital asset sector this year.
Clarification on IPO Participation
However, contrary to earlier reports, Nasdaq is not investing in Gemini’s IPO, a source close to the matter told CryptoNews. The clarification follows speculation that Nasdaq would participate in a $50 million private placement alongside the offering.
The correction shows that the investment is not part of Gemini’s IPO allocation. As part of this partnership, Gemini will provide its custody and staking services on a non-exclusive basis to Nasdaq clients.
A Nasdaq spokesperson told CryptoNews: “To prepare for future developments while maintaining an open-ecosystem approach to market infrastructure, we will partner with Gemini on a non-exclusive basis as part of a broader strategy to offer multi-custodial and staking services for crypto assets.”
“Additionally, we will work with Gemini as a distribution partner for Nasdaq Calypso to serve firms seeking to benefit from its collateral management capabilities across traditional and digital assets. The investment and partnership structure we have employed with Gemini is consistent with those that we typically structure through Nasdaq Ventures,” said the Nasdaq spokesperson.
Gemini was also contacted for comment, but did not respond.
A Test for Crypto Market Confidence
Founded in 2015, Gemini has positioned itself as a regulated player in the cryptocurrency exchange sector, competing with larger global rivals by emphasizing compliance and transparency.
The IPO is expected to draw strong attention from both institutional and retail investors, as it could serve as a bellwether for how public markets are valuing crypto exchanges in 2025.
According to the company’s filing with the Securities and Exchange Commission (SEC), Gemini plans to sell 16.67 million shares of its Class A common stock at an expected price range of $17 to $19 per share. The IPO will be launched under the corporate name Gemini Space Station Inc.
The listing comes amid renewed momentum in digital assets, with U.S. markets showing appetite for crypto-related equities despite ongoing regulatory scrutiny. Gemini’s debut is set to test whether investor enthusiasm can translate into sustained support for publicly traded crypto companies.
IPO Follows Rebound in Equity Capital Markets
Gemini expects to begin trading on Friday under the ticker GEMI, though the timing is subject to market conditions. The IPO comes as U.S. equity capital markets show renewed momentum.
After subdued activity in recent years, investor demand for new listings has strengthened in 2025, with strong first-day performances encouraging more private firms to test the waters. Gemini’s debut could become one of the most notable crypto-related offerings since Coinbase went public in 2021.
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