Gemini, the cryptocurrency exchange founded in 2014 by Cameron and Tyler Winklevoss, has brought Nasdaq on board as a strategic investor just days before its long-awaited initial public offering.
CNBC confirmed that Nasdaq will inject $50 million into Gemini in a deal that extends far beyond capital, creating a partnership that links one of Wall Street’s most established names with one of crypto’s most recognizable firms.
Under the agreement, Nasdaq will integrate Gemini’s custodial services into its offerings for institutional clients. In return, Gemini will serve as a distribution partner for Nasdaq’s trade management platform, Calypso, a system designed to handle collateral management across both traditional and digital assets.
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“This partnership positions us to expand our capabilities to serve institutional clients and the broader investor universe as the regulatory landscape around crypto assets evolves,” a Nasdaq spokesperson told CNBC. “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. Additionally, we will work with Gemini as a distribution partner for Nasdaq Calypso.”
Nasdaq emphasized that its collaboration with Gemini follows the same model it uses for most of its venture investments through Nasdaq Ventures.
IPO and Market Timing
The strategic investment is separate from Gemini’s IPO plans, which are set for this Friday. The company aims to raise up to $317 million in its debut on the Nasdaq exchange — a milestone that would make it one of the most high-profile crypto listings since Coinbase’s blockbuster entry into public markets in April 2021.
Gemini currently manages over $21 billion in assets as of July, underscoring the scale it has achieved despite the turbulence of the crypto market in recent years.
Coinbase Comparison: A Cautionary Backdrop
Coinbase’s 2021 IPO, which briefly valued the exchange at more than $100 billion, was hailed as crypto’s coming-of-age moment on Wall Street. But the euphoria was short-lived. The stock has since endured extreme volatility, with its valuation collapsing during the 2022 crypto winter, a period marked by the collapse of TerraUSD, the bankruptcy of FTX, and a sharp regulatory crackdown.
Analysts point out that Gemini’s IPO comes at a far different moment in the crypto cycle. While Coinbase rode a wave of bullish sentiment and retail speculation, Gemini is entering the market in a more sober climate — one shaped by heightened SEC scrutiny, ongoing debates over crypto regulation, and growing demand for institutional-grade infrastructure rather than speculative trading. There is also a wholesome backing of the Trump administration.
This distinction could help Gemini position its IPO as more stable and strategically grounded, particularly with the endorsement of Nasdaq, a partnership that Coinbase never had at launch. Still, investors will be watching closely to see if Gemini can avoid the post-IPO turbulence that dented Coinbase’s trajectory.
Regulatory Edge and Tokenization Push
The timing of Nasdaq’s stake comes as it seeks a larger role in digital markets. On Monday, the exchange filed a proposal with the Securities and Exchange Commission (SEC) to request a rule change that would permit the trading of tokenized stocks and exchange-traded products (ETPs).
If approved, Nasdaq could become the first major traditional exchange to allow trading of tokenized securities, a development that would blur the lines between conventional finance and blockchain-based markets.
Tokenization — the process of issuing digital representations of real-world assets such as stocks, bonds, or commodities on a blockchain — has been heralded as a potential breakthrough for financial markets. It allows for fractional ownership, faster settlement, and broader access to investment products. However, holders of tokenized assets do not have direct ownership of the underlying securities, making regulatory clarity crucial.
Nasdaq is effectively bridging traditional finance with blockchain-based services at a time when institutional interest in crypto infrastructure is rising by bringing Gemini closer into its ecosystem. Analysts note that this positions Nasdaq to compete not just with other stock exchanges, but with firms like Coinbase and Fidelity that are building end-to-end digital asset services.
The backing of Nasdaq provides Gemini with credibility and a pathway to institutional expansion at a moment when regulatory scrutiny on crypto exchanges remains intense. In contrast to Coinbase’s flashy Wall Street debut, Gemini appears to be framing its public offering as a strategic, institutionally anchored step into the future of tokenized markets.