Nasdaq is set to invest $50 million in Gemini’s upcoming IPO, aiming for a target valuation of $2.2 billion. Founded by the Winklevoss twins, Gemini plans to raise up to $317 million with Goldman Sachs and Citigroup as lead underwriters. This investment signifies a strategic partnership, allowing Nasdaq’s clients to access Gemini’s custody and staking services, while Gemini’s users can utilize collateral management features from Nasdaq’s Calypso platform. Despite a reported loss of $282.5 million in the first half of 2025 against revenue of $68.6 million, Gemini remains focused on expansion, particularly in Europe with new offerings under EU regulations. This IPO reflects a resurgence in equity markets, as seen with recent strong demands for offerings like Circle and Bullish.

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