Nasdaq to Invest $50 Million in Cryptocurrency Exchange Gemini

Nasdaq has agreed to purchase $50 million of the Class A common stock of cryptocurrency exchange Gemini Space Station.

The company will buy the shares in a private placement at a price equal to Gemini’s initial public offering price, less underwriting discounts and commissions, according to Gemini’s Tuesday (Sept. 9) filing with the Securities and Exchange Commission (SEC).

In addition, the companies have agreed that they will partner to give Nasdaq’s clients the ability to custody and stake crypto assets and that Gemini will become a reseller of the Nasdaq Calypso, which provides institutional customers with collateral management solutions, per the filing.

Reached by PYMNTS, a Nasdaq spokesperson said in an emailed statement that the company aims to expand its capabilities to serve institutional clients and other investors amid the evolving regulatory landscape around crypto assets.

“To prepare for future developments while maintaining an open-ecosystem approach to market infrastructure, we will partner with Gemini on a non-exclusive basis as part of a broader strategy to offer multi-custodial and staking services for crypto assets,” the spokesperson said. “Additionally, we will work with Gemini as a distribution partner for Nasdaq Calypso, to serve firms seeking to benefit from its collateral management capabilities across traditional and digital assets.”

Gemini said in a Sept. 2 filing with the SEC that it aims to raise up to $316.7 million in its IPO, marketing 16.7 million shares for $17 to $19 each.

This would give the company a market value of a bit more than $2.2 billion, based on the 116.7 million outstanding shares listed in the filing, PYMNTS reported at the time.

Gemini announced plans to go public in August, while also revealing in an SEC filing that it saw net losses of $282.5 million and revenues of $67.9 million for the first six months of 2025. That’s compared to a $41.1 million net loss and revenues of $73.5 million during the first half of last year.

Nasdaq filed a proposal with the SEC Monday (Sept. 8) to allow trading of stocks and exchange-traded products on its main electronic platform in “either traditional digital or tokenized form.”

The proposal followed the SEC’s unveiling of a new rulemaking agenda that included amending its rules to allow trading of crypto on national exchanges.

If Nasdaq’s proposal is approved, it would be the first time tokenized securities were allowed to trade on a major U.S. stock exchange and would represent the most ambitious attempt yet by a U.S. exchange operator to bring blockchain-based settlement into the national market system.

Gemini’s IPO marks the latest in a string of listings by crypto companies that includes Bullish going public in August and Circle going public in June.