Crypto Currents: Nasdaq partners with Gemini in $50M deal ahead of IPO

The lines between traditional finance and digital assets are blurring as Nasdaq invests in crypto exchange Gemini ahead of its IPO. This institutional embrace is further highlighted by Fidelity’s launch of a tokenized Treasury fund on Ethereum and an explosive 3,000% rally in Eightco stock after it announced a worldcoin treasury strategy. These moves come as a new White House adviser prioritizes a market structure bill to regulate the broader crypto industry. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

NASDAQ BACKS GEMINI AHEAD OF IPO: Crypto exchange operator Gemini Space Station (GEMI), founded by the Winklevoss twins, has secured a $50M investment from Nasdaq (NDAQ) through a private placement ahead of its initial public offering planned for this week, according to a filing with the SEC. The company intends to list on the Nasdaq under the ticker “GEMI,” with plans to raise up to $317M by selling 16.67M shares at a range of $17-$19 each. The deal includes a strategic partnership allowing Nasdaq’s institutional clients to access Gemini’s crypto custody and staking services, while Gemini’s clients will gain access to Nasdaq’s platform for collateral management. The move follows Nasdaq’s own filing with the SEC to permit the trading of tokenized stocks on its platform.

EIGHTCO SURGES 3000% ON WORLDCOIN TREASURY PLAN: Shares of Eightco Holdings (OCTO) skyrocketed over 3,000% after the company announced a $250M partnership with worldcoin (WLD-USD) to establish the first corporate treasury for the WLD token. The rally was also fueled by the appointment of prominent technology analyst Dan Ives as chairman. As part of the initiative, Eightco also received an additional $20M investment from BitMine Immersion Technologies (BMNR). Following the strategic shift, Eightco plans to change its Nasdaq ticker symbol to ‘ORBS’ pending approval.

FIDELITY LAUNCHES TOKENIZED TREASURY FUND: Asset management giant Fidelity Investments has officially entered the tokenized asset space by launching its Fidelity Digital Interest Token, FDIT, on the Ethereum blockchain, as detailed in a CoinDesk article. The fund, which provides yield by holding U.S. Treasury bills, has already minted over $202M in tokens. Tokenization platform Ondo Finance is a key investor, holding the $202M in FDIT as a reserve asset for its own OUSG token. Fidelity’s entry into the rapidly growing $7.5B tokenized U.S. treasuries market positions it to compete with established offerings like BlackRock’s (BLK) $2.4B BUIDL fund.

WHITE HOUSE ADVISER EYES MARKET STRUCTURE BILL: Patrick Witt, the new executive director of the President’s Council of Advisers on Digital Assets, has identified passing a market structure bill as his top priority. In an interview with CoinDesk, Witt stated the White House is keeping the “pedal to the metal” on legislation that would address the roughly 80% of the crypto market not covered by the recently passed GENIUS Act for stablecoins. Other key priorities for the administration include the speedy implementation of the stablecoin law and establishing the U.S. Bitcoin Strategic Reserve.

PRICE ACTION: As of time of writing, bitcoin (BTC-USD) was trading at $111,603.41, while ether (ETH-USD) was at $4,294.70.