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Highlights
- Crypto exchange Gemini secures $50 million investment from Nasdaq ahead IPO debut.
- Gemini's institutional clients will get access to Nasdaq’s Calypso platform.
- It will become the third publicly traded crypto exchange after Bullish and Coinbase.
Winklevoss twins’ crypto exchange Gemini Space Station on Tuesday said it has secured $50 million from Nasdaq ahead of plans to raise $317 million with its IPO. This signals a massive demand for the IPO, similar to the spectacular debut of USDC issuer Circle Internet Group.
Gemini IPO Grabs $50 Million from Nasdaq
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has disclosed a $50 million investment from Nasdaq, Reuters reported on September 9. As the crypto exchange is going public this week, Nasdaq’s becoming a strategic investor shows a shift toward legitimizing major crypto exchanges as mainstream financial players.
The partnership will provide Nasdaq’s clients access to Gemini’s custody and staking services, according to people familiar with the matter. Also, Gemini’s institutional clients will get access to Nasdaq’s Calypso platform, which would help manage and track trading collateral.
As CoinGape reported earlier, Gemini seeks $2.22 billion valuation as it aims to raise $317 million with the initial public offering. It would sell 16.7 million of its class A common stock for $17 to $19 each. It will list on the Nasdaq under the ticker ‘GEMI’ on September 12.
The firm plans to use the IPO proceeds for general corporate purposes. This includes product development, general and administrative matters, capital expenditures, and repayment of all or a portion of its third-party debt.
Third Publicly Traded Crypto Exchange
Gemini is one of the largest U.S. crypto trading platforms, holding $21 billion in assets and handling $285 billion in trading volume. It will become the third publicly traded crypto exchange after Bullish and Coinbase. Notably, Bullish (BLSH) and Circle (CRCL) saw massive demand from investors, prompting the shares to get oversubscribed from their IPO prices.
Recently, the crypto exchange had also revealed a $150 million credit from Ripple to facilitate the initial public offering. As part of the credit line, it includes an option to borrow in RLUSD stablecoin. The firms also partnered to launch an XRP credit card for XRP holders, offering up to 4% cash back on every purchase.
The crypto exchange’s IPO comes as the U.S. equity capital markets rebound from a recent pullback, with strong demand for new listings. Many private companies are testing investor demand with massive first-day performances to encourage more investments.
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