Nasdaq invests $50 million in Gemini (GEMI.US) to enter the cryptocurrency market.

The Nasdaq Stock Exchange is making a major push into the cryptocurrency field and accelerating its expansion through substantial investments. According to documents filed by Gemini with the U.S. Securities and Exchange Commission, Nasdaq will invest $50 million in the cryptocurrency company Gemini Space Station (GEMI.US), which is set to debut on Nasdaq this week, by purchasing its stock through a private placement. This transaction will be completed immediately after Gemini's initial public offering (IPO). The documents show that Gemini will also engage in a deep partnership with Nasdaq, allowing Nasdaq to provide custody and collateral services for cryptocurrency assets to its clients. Custody involves securely storing cryptocurrency in digital wallets, while collateral involves locking up cryptocurrency to validate transactions on blockchain networks. At the same time, Gemini will become a partner of Nasdaq's Calypso Solution business, reselling Nasdaq's collateral management services to its institutional clients. A Nasdaq spokesperson stated in an interview, "As the regulatory environment around crypto assets continues to evolve, we are continually expanding our capabilities to serve institutional clients and a broader group of investors." He also emphasized that Nasdaq's partnership with Gemini was carried out through its Nasdaq Ventures division, in line with the department's existing investment strategy. It is worth noting that under the leadership of new chairman Paul Atkins, the Securities and Exchange Commission has adopted a more friendly attitude towards the crypto industry. Atkins was nominated by President Trump, who himself has long been seen as a supporter of cryptocurrency. Gemini was founded by well-known entrepreneurs and twin brothers Cameron Winklevoss and Tyler Winklevoss. The company is expected to determine its offering price after the close of the U.S. stock market on Thursday, and officially begin trading on Friday. Gemini plans to raise over $300 million by selling 16.7 million shares of stock, with an offering price range of $17 to $19, potentially valuing the company at around $2.3 billion. This week will be a busy period for new listings on the U.S. stock market, with financial technology company Klarna Group and four other companies set to debut. There is strong demand for IPOs recently, especially in the fintech sector. Meanwhile, blockchain lending platform Figure has increased its IPO size and offering range on Tuesday, raising the number of shares from 26.3 million to 31.5 million and adjusting the price range from $18 to $20 per share to $20 to $22 per share. At the high end of the offering price, Figure could raise nearly $700 million, with the company's overall valuation potentially exceeding $5 billion.