According to a Reuters report, Nasdaq is expected to buy $50 million in shares in a private placement at the time of its initial public offering.
Crypto exchange Gemini Space Station, backed by the Winklevoss twins, has reportedly roped in Nasdaq as a strategic investor ahead of its much-awaited market debut on Friday.
According to a Reuters report, citing people familiar with the matter, Nasdaq is expected to buy $50 million in shares in a private placement at the time of its initial public offering.
The investment is part of a partnership, which will provide Nasdaq’s clients access to Gemini’s custody and staking services, and Gemini’s institutional clients will also have access to Nasdaq’s Calypso platform to manage and track trading collateral.
According to data provider Kaiko, Gemini, founded in 2014, is among the biggest U.S. crypto trading platforms by trading volume. It holds $21 billion in assets and has processed $285 billion in lifetime trading volume.
Retail sentiment on Stocktwits about the Nasdaq stock was in the ‘bearish’ territory at the time of writing.
An increasing number of crypto-linked companies have reportedly been considering going public, following President Donald Trump’s second term in office, which has led to a more favorable regulatory stance from the authorities.
Peter Thiel-backed crypto exchange Bullish (BLSH) and stablecoin issuer Circle Internet are the two most recent entrants.
The company’s plans are subject to market conditions and could change, the report added.
The New York-based firm, founded by Cameron and Tyler Winklevoss, said in a filing last week that it intends to raise up to $317 million. The company currently plans to sell 16.67 million shares at a price range of $17 to $19,
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