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Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is preparing for a landmark initial public offering (IPO that could raise up to $3 billion, signaling a new phase in the integration of digital assets with traditional financial markets. The offering is expected to make Gemini the third publicly traded crypto exchange in the United States, following Coinbase and Robinhood’s crypto division.

Nasdaq has committed $50 million in a private placement to support the IPO, underscoring institutional confidence in Gemini’s business model and long-term growth potential. The exchange, known for its regulatory-first approach and emphasis on compliance, has built a reputation as one of the more conservative and secure platforms in the crypto space.

Gemini’s IPO will include a mix of common stock and convertible notes, with the bulk of proceeds earmarked for expanding its global footprint, enhancing security infrastructure, and developing new products in decentralized finance (DeFi) and tokenized assets.

Industry analysts view the move as a bellwether for broader market sentiment. “This IPO is not just about Gemini—it’s about the maturation of crypto as an investable asset class,” said one senior strategist at Morgan Stanley. The offering comes at a time when institutional interest in crypto is rebounding, driven by clearer regulatory signals and growing demand for blockchain-based financial services.

The IPO is expected to launch in Q4 of this year, pending final approval from the U.S. Securities and Exchange Commission. If successful, Gemini’s public debut could reshape investor perceptions and open the door for other crypto firms to follow suit.