Gemini Secures Nasdaq Investment Ahead of Planned IPO
Gemini exchange, founded by the Winklevoss twins, has announced a important move. It will team up with Nasdaq, a major stock market player, before going public.
This partnership is crucial. Nasdaq is set to buy $50 million worth of Gemini shares privately. this deal ensures Nasdaq clients can access Gemini’s crypto services like custody and staking. Gemini’s clients benefit to; they get to use Nasdaq’s Calypso platform for trading management.
Gemini is preparing for its IPO. The company plans to sell 16.67 million shares priced between $17 and $19 each. This could bring in up to $317 million, aiming for a $2.22 billion valuation.
But Gemini faces challenges. in the first half of this year, it reported a $282.5 million loss on just $68.6 million in revenue. Compare that to last year’s $41.4 million loss on $74.3 million. The IPO funds will go towards covering costs, repaying debts, and enhancing services like the Gemini Dollar (GUSD).
despite Gemini’s troubles,the US stock market is on an upturn.Companies like Figma and Firefly Aerospace have seen strong interest. This suggests a renewed appetite for IPOs.
