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7h ago

Gemini Files for Nasdaq Listing as S-1 Reveals $282.5 Million H1 Loss and Ripple Credit Line

The Winklevoss exchange signals limited cash versus large obligations, relying on a secured Ripple facility expandable to $150 million.

Ripple extends $75m credit facility to gemini as exchange pursues ipo
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Crypto exchange gemini's losses explode 580% before going public

Overview

  • Gemini registered to list on Nasdaq under the ticker GEMI, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor as lead bookrunners, and the offering remains subject to SEC review and market conditions.
  • The S-1 reports a first-half 2025 net loss of $282.5 million on about $68 million in revenue, following a 2024 net loss of $158.5 million.
  • Mid‑2025 figures show roughly $162 million in cash against more than $2 billion in liabilities, highlighting near-term liquidity pressure.
  • A July credit agreement with Ripple establishes a $75 million secured revolver, expandable to $150 million, with $5 million minimum draws, 6.5%–8.5% rates, and optional RLUSD usage once above the initial commitment; the filing says no borrowings had been drawn.
  • The filing details a dual-entity structure spanning New York-based Gemini Trust and Florida-based Moonbase and says proceeds will go to general corporate purposes and debt repayment, positioning Gemini to potentially join Coinbase and Bullish as a publicly traded U.S. exchange.