Core Insights - Nasdaq Inc. and Amazon Web Services have expanded their partnership to offer Nasdaq's Calypso platform as a fully managed service on AWS, aiming to streamline capital markets and treasury operations by eliminating infrastructure maintenance [1][4]. Group 1: Partnership and Service Offering - The managed service allows clients to manage front-to-back-office workflows, risk, and compliance with faster rollouts and regular updates, facilitating the modernization of legacy systems in a resilient environment [2][5]. - Magnus Haglind from Nasdaq described this partnership as a "strategic inflection point" for market participants facing fragmented systems and increasing regulatory demands [3]. Group 2: Technological Advancements - The cloud-managed services provide the necessary flexibility and scalability for financial institutions to innovate while maintaining critical legacy operations, enhancing Calypso's performance, scalability, and security [4]. - The service model supports standardized implementations, simpler testing environments, and quicker access to new features, enabling AI-driven analytics across various financial operations [5]. Group 3: Market Impact - Nasdaq's technology supports 97% of global systemically important banks and half of the top 25 stock exchanges, indicating its significant presence in the financial services sector [5]. - Following the announcement, NDAQ shares saw a slight increase of 0.11% to $87.25 in premarket trading [6].

NASDAQ Developments - NASDAQ has requested the SEC to allow trading of clearly labeled equivalent rights tokenized shares as traditional stocks, marking a significant move to integrate blockchain technology into US equity markets [2][3] - Tokenized securities are digital representations of stocks that can enhance liquidity, support fractional ownership, and provide access to overseas investors [3] - The proposal seeks to amend existing rules to permit tokenized stocks to be traded similarly to traditional equities, addressing fundamental questions about stock issuance, definition, and settlement [4][5] Gemini Partnership - NASDAQ has become a strategic investor in Gemini Space Station, a cryptocurrency exchange founded by the Winklevoss twins, as it prepares for an IPO [6][7] - Gemini holds approximately $20 billion in assets and has processed nearly $300 billion in lifetime trading volume, offering various digital asset services [8] - The firm aims to raise around $300 million in its IPO, with NASDAQ investing $50 million in a private placement, enhancing access to Gemini's services for NASDAQ clients [9] CBOE Innovations - CBOE plans to launch continuous Bitcoin and Ether futures contracts later this year, pending regulatory review [10] - These contracts will have 10-year expirations, cash-settled, and aligned to real-time spot market prices, simplifying position management and reducing costs associated with periodic rolling [11] - The new products are expected to attract both retail and institutional traders, offering substantial advantages for long-term crypto exposure [12][13]

Core Insights - Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is preparing to go public in New York with Nasdaq as a strategic investor [1][2] - The share sale could raise up to $317 million, with Nasdaq expected to invest about $50 million in a private placement [2] - Gemini plans to trade under the ticker symbol "GEMI" and will establish a partnership with Nasdaq for institutional clients [2][4] Company Overview - Gemini currently holds approximately $21 billion in client assets and has processed over $285 billion in trading volume [5] - The company offers a range of services including retail and institutional services, an over-the-counter desk, a credit card, and trading in major cryptocurrencies [5] - Financially, Gemini reported a net loss of $282.5 million on $68.6 million in revenue for the first half of 2025, which is a significant increase from a $41.4 million loss a year earlier [5] Market Context - The public offering comes at a time when U.S. equity markets are experiencing renewed demand for new deals, particularly in tech and crypto-related sectors [4] - A successful debut would position Gemini as the third publicly traded cryptocurrency exchange, following Coinbase and Bullish [4] Historical Context - The Winklevoss twins gained prominence through their legal battle with Facebook and have been significant investors in Bitcoin since the early 2010s [6] - Their efforts to take Gemini public reflect the increasing integration of digital assets into traditional financial markets [6]

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]