Overview

• An S-1 filed Aug. 15 outlines plans to list on Nasdaq under the ticker GEMI with Goldman Sachs, Citigroup, Morgan Stanley and Cantor as lead bookrunners.
• Gemini reported a $282.5 million net loss for the first half of 2025 on lower revenue, and said IPO proceeds may fund general purposes and pay down third‑party debt.
• The filing details a secured revolving credit agreement with Ripple: an initial $75 million commitment, minimum $5 million draws, interest of 6.5% or 8.5%, and collateralized borrowing.
• The facility can scale to $150 million and, once past the initial commitment, may allow borrowing in Ripple’s RLUSD stablecoin by mutual consent with repayment in U.S. dollars.
• Balance‑sheet disclosures show about $162 million in cash against more than $2 billion in liabilities, and a dual‑entity structure using New York’s Gemini Trust and Florida‑based Moonbase to navigate state rules.