Exclusive-Winklevoss-founded crypto exchange Gemini taps Nasdaq as strategic investor, sources say

Company Overview - Gemini Space Station, founded by Cameron and Tyler Winklevoss, is moving forward with plans for a New York listing and has secured Nasdaq as a strategic investor [1][2] - The company could raise up to $317 million in its initial public offering (IPO) and has arranged for Nasdaq to purchase $50 million in shares during a private placement at the time of the IPO [2][3] - Gemini is among the largest U.S. crypto trading platforms, holding $21 billion in assets and having handled $285 billion in lifetime trading volume [6] Strategic Partnerships - The investment from Nasdaq is part of a partnership that will provide Nasdaq's clients access to Gemini's custody and staking services [3] - Gemini's institutional clients will also gain access to Nasdaq's Calypso platform for managing and tracking trading collateral [3] Market Context - The IPO occurs amid a rebound in U.S. equity capital markets, with strong demand for new listings and encouraging first-day performances from recent IPOs [4] - Digital asset companies have been prominent in the IPO market recently, with notable debuts from Circle and Bullish, making Gemini's flotation the third publicly traded crypto exchange after Bullish and Coinbase [5] Financial Performance - For the six months ending June 30, Gemini reported a net loss of $282.5 million on revenue of $68.6 million, compared to a net loss of $41.4 million on $74.3 million a year earlier [7]