Gemini Follows Coinbase’s Footsteps with Nasdaq IPO Filing Amid $282M Loss and Ripple Partnership

Gemini, the cryptocurrency exchange co-founded by the Winklevoss twins, has taken a significant step towards going public by filing for an IPO with the SEC. The filing reveals a net loss of $282.5 million for the first half of 2025, yet underscores the exchange's ambitious growth plans. Set to list on Nasdaq under the ticker GEMI, Gemini aims to become the third major U.S. crypto exchange to go public, following in the footsteps of Coinbase and Bullish. Adding to its strategic moves, the filing disclosed a $75 million credit agreement with Ripple, highlighting a strong financial partnership that could bolster its market position. This development marks a pivotal moment for Gemini as it navigates the competitive landscape of digital asset exchanges.

Gemini Files for Nasdaq IPO Amid $282M Loss and Ripple Credit Deal

Gemini has submitted its IPO filing to the SEC, revealing a $282.5 million net loss for the first half of 2025. The exchange, co-founded by the Winklevoss twins, plans to list on Nasdaq under the ticker GEMI. This move positions Gemini as the third major US crypto exchange to go public after Coinbase and Bullish.

A $75 million credit agreement with Ripple was disclosed in the filing, signaling strategic financial backing. The exchange's losses widened sharply from $41.4 million in H1 2024 to $282.5 million in H1 2025, while revenue declined to $67.9 million from $74.3 million year-over-year.

The filing comes amid a wave of crypto companies seeking public listings following favorable regulatory shifts under the Trump administration. Bitwise's Matthew Hougan had predicted this trend, citing growing institutional adoption and improved political climate as key drivers.

Ripple Extends $75M Credit Facility to Gemini Amid IPO Pursuit

Gemini's IPO filing has cast a spotlight on Ripple, revealing a $75 million credit line extended to the exchange. The filing shows Gemini's net loss ballooned to $282.5 million in the first half of the year, up from $41.4 million a year earlier. Revenue dipped slightly to $67.9 million from $74.3 million.

The exchange, planning to trade under the ticker "GEMI" on Nasdaq, aims to become the third U.S.-listed crypto exchange after Coinbase and Bullish. Ripple's involvement is notable: the credit agreement allows Gemini to borrow up to $75 million, with potential expansion to $150 million. Loans carry interest rates of 6.5% or 8.5%, secured by collateral.

Once borrowing exceeds $75 million, Gemini can request funds in Ripple's RLUSD stablecoin. No borrowings had been drawn as of the filing date. The deal positions RLUSD as a potential settlement tool in Gemini's operations.