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3h ago

Gemini Taps Ripple’s $75 Million Credit Line Ahead of Nasdaq IPO

The SEC filing casts the Ripple line as a liquidity backstop with capacity up to $150 million.

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Crypto exchange gemini's losses explode 580% before going public
Gemini files for ipo despite heavy losses

Overview

  • Gemini’s S-1, accepted Aug. 15, outlines a planned Nasdaq listing under the ticker GEMI with Goldman Sachs and Citigroup as lead bookrunners.
  • The filing discloses a secured revolving facility from Ripple with a $75 million commitment that can rise to $150 million if performance triggers are met.
  • Borrowings must be at least $5 million per draw and, with Ripple’s consent, can be funded in RLUSD as well as in U.S. dollars.
  • Gemini has already tapped the line at an interest rate of up to 8.5%, using the facility to bolster pre-IPO liquidity.
  • For H1 2025, Gemini reported $68.6 million in revenue and a $282.5 million net loss, cited 14.6 million verified users and $12 billion in assets under custody, and listed the Ripple credit agreement in SEC exhibits under Accession No. 0001104659-25-079323; deal size and pricing remain undisclosed with an amendment expected to set an initial range.