Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, is reportedly on the cusp of going public, with plans to list on Nasdaq. Sources informed Reuters that Nasdaq will serve both as the listing venue and as an investor. As part of the initiative, Nasdaq has agreed to purchase $50 million worth of Gemini shares in a private placement that is tied to the exchange’s initial public offering (IPO).
This partnership extends beyond mere financial investment. It offers Nasdaq’s clients access to Gemini’s custody and staking services, while Gemini’s institutional customers will utilize aspects of Nasdaq’s Calypso platform, which is known for multi-asset trading and risk management functionalities. Specifically, Gemini’s institutional users will benefit from Calypso’s collateral management features, which facilitate the tracking and management of margins for trading activities.
The timeline for Gemini’s anticipated debut on Nasdaq is set for Friday under the ticker GEMI, although this schedule could shift in response to market conditions. Reuters noted that this IPO comes at a time of recovery in the U.S. equity capital markets, buoyed by robust first-day performances of companies like Figma and increasing interest in IPOs from private firms. The cryptocurrency sector has also seen movement in recent months, with other firms such as Circle and Bullish generating notable institutional demand during their IPO processes.
If successful, this offering would position Gemini as the third publicly traded cryptocurrency exchange in the United States, following Coinbase, which recently made history as the first crypto trading platform to join the S&P 500, and Bullish.
In addition to its domestic plans, Gemini is intensifying its efforts in Europe. The company announced on September 5 a range of new offerings aimed at the over 400 million investors in the European Union and European Economic Area. This expansion includes staking services for major cryptocurrencies like ether and solana, alongside the launch of Gemini Perpetuals. This regulated derivatives product will enable customers to engage in trading perpetual contracts with leverage up to 100x and without fixed expiration dates. These products are being rolled out in compliance with European regulatory frameworks; Gemini’s staking service is overseen by a new entity in Malta under MiCA approval, while the derivatives offer adheres to MiFID II regulations, which govern traditional finance.
Mark Jennings, CEO of Gemini for Europe, highlighted the aim to make both staking and derivatives trading accessible through a secure and user-friendly platform. Staking allows users to earn rewards by participating in blockchain validation pools, while perpetual contracts provide professional traders with enhanced options for risk management and speculative trading.
The staking service promises flexible pools with no minimum deposits, daily rewards accrual, and yields of up to 6% APR for SOL. Additionally, the perpetual contracts are designed to be collateralized with assets already held in spot accounts, denominated in USDC, and managed seamlessly within the same interface used for spot trading.
These developments are framed as part of a broader strategy to solidify Europe as a critical component of Gemini’s business model. Jennings asserted that the introduction of MiCA represents a pivotal opportunity for the EU to assert leadership in global crypto regulation, potentially establishing clear and consistent rules across all 30 member jurisdictions and enhancing investor confidence.
“Europe continues to be a strategic focus for Gemini,” Jennings remarked. “With MiCA, the region can set the global benchmark for clear, consistent crypto rules.”
