Nasdaq invests $50M in Winklevoss-founded crypto exchange Gemini ahead of IPO

Gemini is stepping into its public debut with a powerful ally by its side. The crypto exchange founded by Cameron and Tyler Winklevoss has locked in a $50 million investment from Nasdaq just days before its IPO. The funding, confirmed by CNBC, gives Gemini both capital and credibility as it prepares to go public on the very exchange that is backing it.

The partnership goes beyond money. Nasdaq plans to use Gemini’s custodial services for its financial institution clients, a move that will allow traditional players easier access to secure digital asset storage. In return, Gemini will become a distribution partner for Nasdaq’s trade management system, Calypso, a tool for handling collateral across both traditional and digital assets.

The investment, first flagged by Reuters on Tuesday, is separate from Gemini’s planned initial public offering. The crypto exchange startup expects to raise as much as $317 million in its IPO on Friday. For Nasdaq, the deal reflects a bigger bet on the future of tokenized assets and crypto infrastructure, as the exchange recently filed with the SEC for a rule change that could allow trading of tokenized stocks and exchange-traded products.

In a statement shared with CNBC, a Nasdaq spokesperson framed the partnership as part of its longer-term approach. “We continue to expand our capabilities to serve our institutional clients and the broader investor universe as the regulatory landscape around crypto assets evolves,” the spokesperson said. They added that the Gemini deal is structured through Nasdaq Ventures, keeping it consistent with past strategic investments.

Founded in 2015, Gemini has long pitched itself as a bridge between digital assets and traditional finance. It lets customers buy, sell, and store cryptocurrencies like Bitcoin and Ether, along with a growing list of DeFi tokens. The platform has more than $21 billion in assets under custody as of the end of July, and with Nasdaq stepping in as both an investor and a partner, Gemini is positioning itself as more than just another exchange—it’s aiming to be a cornerstone in how institutions move money on-chain.

The Winklevoss twins have often cast Gemini as a next-generation financial platform. This IPO, paired with Nasdaq’s $50 million vote of confidence, signals that both Wall Street and crypto-native players see value in building bridges between two financial systems that once looked worlds apart.