Gemini Taps Ripple for $75 Million Credit as IPO Plans Advance

Highlights:

• Gemini has tapped Ripple’s credit line to boost liquidity as it prepares for its IPO.
• The IPO will provide the exchange with funds to boost new liquidity ahead of its public launch.
• Goldman Sachs and Morgan Stanley will underwrite the Gemini IPO as investor interest in crypto listings grows.

Gemini has secured a $75 million credit line from Ripple Labs as it prepares to enter the public markets. The SEC filing revealed the exchange can expand the facility up to $150 million under certain terms. The agreement sets a minimum borrowing amount of $5 million. Interest rates range between 6.5% and 8.5%. Each loan must also be backed by collateral, which ensures structured financing for the exchange.

🚨JUST IN: #Gemini partners with #Ripple amid IPO!

Gemini’s IPO filing reveals a $75M credit deal with Ripple borrowable in $5M chunks and expandable to $150M, with some of it even in #XRP.

Can Ripple save them?🔥 pic.twitter.com/c8v2VRsnEa

— RACO XRP (@RACO_XRP) August 19, 2025

The agreement has a stipulation where Gemini will take loans in Ripple in the form of RLUSD stablecoin once lending exceeds the sum of $75 million. The RLUSD currently runs on XRP Ledger and Ethereum networks and competes with USDT and USDC. The addition of RLUSD is an indication that Ripple is making strides to achieve market share in stablecoins. The structure also positions the stablecoin in the U.S. exchange infrastructure.

At the time of the filing, Gemini had not yet drawn any funds. Nonetheless, the company affirmed an outstanding balance under the agreement in August 2025. The credit line will provide Gemini with new liquidity ahead of its public launch. The financial support provided by Ripple enhances the probability of Gemini providing a more stable balance sheet to investors before the offering.

IPO Filing Reveals Losses and Market Challenges

Gemini filed to trade on Nasdaq under the ticker symbol “GEMI.” The move positions it to become the third U.S. cryptocurrency exchange to go public. Coinbase made its debut in 2021, while Bullish entered the New York Stock Exchange earlier this month. The filing sets the stage for Gemini to join the growing list of publicly traded digital asset firms.

Congrats @Gemini on filing for IPO 🎉📄

2024 Revenue: $142M | Operating Loss: ($166M)

About 2/3 from trading, but building multiple strong pillars:
🏦 Exchange & OTC trading – core revenue driver
🔐 Custody – regulated, recurring fees from assets under custody
💵 Gemini Dollar… pic.twitter.com/yexhaW9QMp

— raullen.depin (@Raullen) August 15, 2025

The financial performance of the exchange indicates sharp losses. The exchange had recorded a loss of $282.5 million in the first six months of this year. Losses during the same period in 2024 equated to $41.4 million. The American market remains very competitive. Coinbase has a significant number of customers, and Bullish could secure some initial attention because of its IPO debut. Other exchanges like Kraken, OKX, and Grayscale are preparing their own offerings. Gemini will have to persuade investors about its future potential despite the current losses and intense competition.

Recent policy changes in Washington have created a more favorable landscape. The SEC has dropped several pending cases against crypto firms this year. In addition, the Trump administration has advanced measures to support digital asset adoption. These shifts may encourage investor confidence as Gemini pushes forward with its plans.

Wall Street Banks Back Offering as Gemini Taps Ripple

Major Wall Street institutions will lead Gemini’s public offering. Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will serve as underwriters. Their participation indicates significant financial backing for the exchange’s market debut. The IPO will provide Gemini with funds to follow its growth strategy and maintain its competitive position. The exchange is looking to intensify its operations in a competitive market.