Nasdaq to Acquire $50 Million Stake in Gemini through Private Placement

BlockBeats News, September 9th, according to Reuters, two sources familiar with the matter revealed that the cryptocurrency exchange platform Gemini Space Station has secured Nasdaq as a strategic investor as the company plans to go public this week in New York. The sources said Gemini may raise up to $317 million through an initial public offering (IPO) and has arranged for Nasdaq to purchase $50 million of shares in a private placement at the time of the IPO.

Since the agreement has not been made public yet, the sources requested anonymity. The investment is part of a collaboration that will allow Nasdaq's clients to utilize Gemini's custody and staking services, the sources said. Gemini's institutional clients will also be able to use Nasdaq's Calypso platform to manage and track trade collateral.

Gemini is expected to start trading on Nasdaq this Friday under the symbol "GEMI." The sources cautioned that the company's plans are subject to market conditions and may change. Gemini's IPO comes at a time of recovery in the U.S. equity capital markets with strong demand for newly listed companies. The notable debut performances have also encouraged more private firms to gauge investor interest.