Crypto exchange Gemini, co-founded by the Winklevoss twins, is moving ahead with a Nasdaq listing, targeting up to $317 million in its IPO.
By Bhushan Akolkar
Editor Hamza Tariq
Updated
2 mins read
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.
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.
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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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.