Nasdaq Invests $50M in Gemini to Access Custody and Staking Services
What the Deal Involves
Nasdaq has agreed to take a $50 million strategic stake in cryptocurrency platform Gemini via a private placement linked to Gemini’s upcoming U.S. initial public offering, according to people familiar with the matter. The investment signals Wall Street’s deepening engagement with crypto firms at a time of renewed listing momentum.
Gemini, founded by Cameron and Tyler Winklevoss, is targeting as much as $317 million in its IPO. If completed, the listing would rank among the most significant public debuts by a crypto-native platform since Coinbase went public in April 2021 at an $86 billion valuation. Gemini’s last fundraising round in 2021 valued it at $7.1 billion, when it raised $400 million led by Morgan Creek Digital.
Investor Takeaway
Why Nasdaq and Gemini Are Partnering
The agreement goes beyond capital. Nasdaq will integrate Gemini’s custody and staking services into its ecosystem, while Gemini’s institutional clients will gain access to Nasdaq’s Calypso platform. Calypso, acquired by Nasdaq in 2017 for $3.7 billion, is widely used by banks and derivatives and collateral obligations. The tie-up effectively merges Gemini’s crypto infrastructure with Nasdaq’s institutional fintech backbone.
For Gemini, the deal represents a clients and a validation of its regulated U.S. framework. For Nasdaq, it provides an entry point into crypto-native custody and staking, complementing its broader push into tokenized securities.
Nasdaq’s Tokenization Push
The deal comes just as Nasdaq announced plans to expand into tokenized securities, filing with the SEC to amend rules that would allow blockchain-based versions of . Nasdaq argued such products should be offered by established platforms, not “siloed venues.”
Globally, tokenized securities remain small but quick-growing, estimated at $6 billion in 2024 by Boston Consulting Group, with potential to exceed $16 trillion by 2030 if adoption accelerates among institutions. Analysts say Nasdaq’s attempt to bring tokenized equities under regulated oversight could be a watershed moment for the sector.
Gemini already operates , including digital shares of MicroStrategy. The platform has also positioned itself as a compliance-first player, licensed by the New York State Department of Financial Services, and reported $92 billion in in 2024.
Investor Takeaway
What’s Next for Gemini’s IPO
The partnership enhances Gemini’s IPO narrative, offering investors not just exposure to a crypto platform but to a firm embedded in Nasdaq’s tokenization strategy. While regulatory clarity remains incomplete, SEC Chair Gary Gensler has stressed that most digital assets fall under securities law, meaning regulated platforms will likely shape the future of tokenized markets.
If Gemini’s IPO succeeds, it would signal investor appetite for compliant crypto platforms remains strong and that alliances with traditional platforms may define the next phase of digital asset adoption. Together, Nasdaq and Gemini could set a precedent for how Wall Street integrates blockchain-native infrastructure.
