tl;dr
Gemini, co-founded by the Winklevoss twins, is preparing for an IPO on Nasdaq, backed by a $50 million investment from the exchange. The partnership aims to integrate Nasdaq's financial tools with Gemini's crypto services, bridging traditional finance and cryptocurrency. The IPO, valued at over $2...
**Gemini's Big Bet: Nasdaq Backs Crypto Exchange Ahead of IPO**
Gemini, the cryptocurrency exchange co-founded by the Winklevoss twins, is making waves as it gears up for a high-profile IPO on Nasdaq this Friday. The move, bolstered by a $50 million strategic investment from Nasdaq itself, marks a pivotal moment for the exchange—and for the broader crypto industry.
**A Strategic Alliance with Nasdaq**
The partnership between Gemini and Nasdaq isn’t just about capital. Nasdaq clients will gain access to the Nasdaq Calypso platform, a tool designed to streamline trading collateral management. Meanwhile, Gemini’s custody and staking services will become available to Nasdaq’s ecosystem, creating a bridge between traditional finance and the crypto world.
This collaboration comes at a time when investor appetite for crypto-related listings is surging. Earlier this year, companies like Circle and Bullish saw strong demand on their IPO days, and Gemini is set to become the third publicly traded crypto exchange, joining Coinbase and Bullish.
**A $2.2 Billion Vision**
Gemini’s IPO, which had initially aimed to raise up to $317 million, would value the company at over $2.2 billion. However, with market conditions still volatile, insiders caution that the plan could shift. Still, the exchange’s scale is hard to ignore: it manages $21 billion in assets and has facilitated over $285 billion in trading volume. Beyond trading, Gemini operates in the OTC market, issues a U.S. credit card, and supports a wide array of digital assets, including Bitcoin, Ethereum, and stablecoins.
**The Road to Profitability**
Despite its growth, Gemini’s financials tell a different story. In the first half of 2025, the exchange reported a loss of $282.5 million on revenue of $68.6 million—a steep decline from its $41.4 million loss on $74.3 million in revenue the previous year. The Winklevoss brothers, who made their names as early Bitcoin investors, now face the challenge of turning their exchange into a profitable entity.
**The Winklevoss Legacy**
Cameron and Tyler Winklevoss, often dubbed the “Bitcoin Twins,” have long been at the forefront of the crypto revolution. Their journey from a $65 million settlement with Facebook (now Meta) in 2008 to becoming crypto billionaires by investing in Bitcoin is a tale of resilience. Now, they’re betting big on Gemini’s future—and hoping the market will follow.
**What’s Next?**
As trading begins under the ticker GEMI, all eyes will be on how Gemini navigates the choppy waters of public markets. Will Nasdaq’s backing be enough to reassure investors? Can the exchange balance its ambitious growth plans with profitability?
For now, one thing is clear: Gemini’s IPO isn’t just a milestone for the Winklevoss twins—it’s a test of whether the crypto industry can finally break into the mainstream.
What do you think? Will Gemini’s IPO reshape the future of crypto exchanges, or is this just another high-profile gamble in a volatile market?