Nasdaq is reportedly making a bold move into the crypto space by striking a strategic partnership with Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss. According to Reuters sources, Nasdaq has agreed to invest $50 million in Gemini through a private placement tied to the exchange’s upcoming initial public offering. Gemini aims to raise as much as $317 million through its IPO.

The partnership would give Nasdaq direct access to Gemini’s custody and staking services, expanding its presence in the fast-growing world of digital assets. In return, Gemini’s institutional clients would gain access to Nasdaq’s Calypso platform, a system designed for managing and tracking trading collateral.

This development comes just a day after Nasdaq announced plans to enter tokenized securities. The exchange has filed with the U.S. Securities and Exchange Commission to update rules that would allow trading of blockchain-based versions of traditional stocks. Nasdaq emphasized that such products should be offered by established, regulated players, warning against fragmented and unregulated trading venues currently hosting tokenized U.S. stocks in Europe.

Gemini has already been active in this area, launching tokenized shares of companies like Michael Saylor’s Strategy in Europe earlier this year. Robinhood also joined the push in June, offering over 200 tokenized U.S. stocks and ETFs across European markets.

Both Nasdaq and Gemini frame the move as part of a broader effort to modernize outdated financial rails and bring Wall Street closer to blockchain integration. While the partnership is still subject to market conditions, it signals a powerful alignment between traditional finance and crypto innovators that could reshape the global trading landscape.