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Gemini exchange reportedly taps Nasdaq as strategic investor ahead of IPO.<\/p>\n
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Gemini, the crypto exchange founded by the Winklevoss twins, has secured Nasdaq as a strategic investor ahead of its planned initial public offering later this week, according to two people familiar with the matter who spoke<\/a> to Reuters.<\/p>\n Under the arrangement, Nasdaq is expected to purchase $50 million in Gemini shares through a private placement at the time of the IPO. <\/p>\n The partnership will also allow Nasdaq\u2019s clients to access Gemini\u2019s crypto custody and staking services, while Gemini\u2019s institutional clients will gain access to Nasdaq\u2019s Calypso platform to manage and track trading collateral.<\/p>\n <\/p>\n Gemini exchange\u2019s IPO plans involve selling 16.67 million shares at $17\u2013$19 each, which could raise up to $317 million and target a company valuation of approximately $2.22 billion. The exchange intends to list on the Nasdaq under the ticker GEMI, with Goldman Sachs and Citigroup acting as lead bookrunners. <\/p>\n The IPO offering comes as Gemini faces mounting losses, having reported a net loss of $282.5 million on $68.6 million in revenue for the first half of this year, compared with a $41.4 million loss on $74.3 million a year earlier. Proceeds from the IPO are expected to support general operations, debt repayment, and the expansion of stablecoin and crypto services, including the Gemini Dollar (GUSD), as the company seeks to grow its business and improve profitability.<\/p>\nGemini exchange\u2019s IPO launches amid mounting losses<\/h2>\n