In a significant strategic move, Nasdaq has announced its agreement to purchase $50 million of Class A common stock from the cryptocurrency exchange Gemini Space Station. The acquisition will take place through a private placement, with the shares priced in line with Gemini’s initial public offering (IPO) price, subject to applicable underwriting discounts and commissions, as detailed in a filing with the Securities and Exchange Commission (SEC) on September 9.
Alongside the investment, Nasdaq and Gemini are set to collaborate closely, facilitating new services for institutional clients. The partnership will enable Nasdaq’s clientele to custody and stake their cryptocurrency assets. Furthermore, as part of this collaboration, Gemini will act as a reseller for Nasdaq Calypso, a robust platform designed to assist institutional clients with collateral management solutions.
A spokesperson for Nasdaq elaborated on the company’s intentions, emphasizing a commitment to enhancing services for institutional clients and adapting to the shifting regulatory environment surrounding cryptocurrencies. The spokesperson remarked that the partnership with Gemini is non-exclusive and reflects a broader strategy aimed at providing multi-custodial and staking services for crypto assets. The collaboration also aims to leverage Gemini’s capabilities as a distribution partner for Nasdaq Calypso, which will benefit firms looking to manage both traditional and digital assets effectively.
In a recent filing on September 2, Gemini disclosed aspirations to raise up to $316.7 million through its IPO, proposing to sell 16.7 million shares priced between $17 and $19. If successful, this would establish the company’s market value at slightly over $2.2 billion, based on the 116.7 million outstanding shares noted in the SEC filing.
Gemini’s plans to go public were revealed in August, with the company reporting net losses of $282.5 million against revenues of $67.9 million during the first half of 2025. This marks a notable decline compared to the previous year, which saw a net loss of $41.1 million and revenues of $73.5 million during the same period.
On a parallel track, Nasdaq had earlier filed a proposal with the SEC on September 8, suggesting the trading of stocks and exchange-traded products on its principal electronic platform in both traditional and tokenized formats. This proposal came in response to the SEC’s recent announcement of a new rulemaking agenda, which includes potential amendments permitting cryptocurrency trading on national exchanges.
Should Nasdaq’s proposal gain approval, it would represent a landmark development, allowing tokenized securities to trade on a major U.S. stock exchange for the first time and marking a significant step towards integrating blockchain-based settlement within the national market system.
The IPO plans from Gemini align with a broader trend in the cryptocurrency landscape, following recent public listings by other crypto firms, including Bullish in August and Circle in June. This growing momentum indicates a renewed interest and investment in the crypto sector amid evolving regulatory frameworks and market conditions.
