Nasdaq to buy $50 million worth of Gemini shares
Cryptus Exchange Gemini, founded by billionaire brothers Cameron and Tyler Winklevoss, has brought in Nasdaq as a strategic investor ahead of its IPO, Reuters reports.
It is known that Nasdaq will buy $50 million worth of shares of the crypto exchange in a private placement during the listing. As a result of the deal, Nasdaq clients will gain access to services Gemini for custody and staking, and the crypto exchange’s institutional clients will be able to use Nasdaq’s Calypso platform to manage and track trading collateral. However, plans could change depending on market conditions, sources told Reuters.
Last week the team Gemini said it intends to sell 16,666,667 shares of its Class A common stock at a price of $17 to $19 per share in the IPO to raise more than $300 million.
The company plans to debut on the Nasdaq on Friday, September 12, under the ticker symbol GEMI. It will become the third publicly traded cryptocurrency exchange in the United States, following Coinbase and Bullish. Also Gemini joins a growing list of crypto companies looking to go public, which already includes industry majors Grayscale, Kraken, Figure and BitGo.
