Gemini’s $150M Credit Deal with Ripple Fuels IPO Speculation Frenzy

Gemini just dropped a regulatory bombshell—the crypto exchange secured a massive $150 million credit facility from Ripple, signaling serious financial maneuvering ahead of its anticipated public offering.

Strategic Capital Play

This isn't just another funding round. The SEC filing reveals deliberate positioning—Ripple's backing provides Gemini with wartime ammunition while traditional finance still scratches its head about crypto custody. The timing screams IPO preparation, not operational funding.

Market Implications

Watch institutional money start circling—when established players like Gemini and Ripple lock arms, it validates the entire sector's maturity. The $150 million figure sets precedent for crypto-native credit deals, bypassing traditional banking channels entirely.

Because nothing says 'financial revolution' like needing nine-figure credit lines from your competitors while Wall Street analysts still can't explain what a blockchain actually does.

Gemini is preparing for its IPO

Gemini is gearing up for an IPO and wants to be listed on Nasdaq under the ticker GEMI. 

Notably, the filing showed that the exchange has not yet drawn on the credit line as of the August 2025 filing date. Gemini said the secured funding cushioned against market volatility and could shore up liquidity with enough flexibility as it debuts in the public market.

However, the exchange’s team clarified that the agreement is more of a safety net, not a direct equity purchase by Ripple. Neither is it financing for the upcoming IPO.

The Cryptopolitan reported on August 16 that Gemini is riding the crypto wave to boost its IPO. However, the company reported a $282.5 million net loss despite revenue of $67.9 million in H1 2025, ending June 30. Transaction fees accounted for over 65% of its H1 2025 revenue. The firm also posted a $41.4 million loss after posting a revenue of $73.5 million over the same period last year.

The company allegedly has over $18 billion in AUM (assets under management).

Gemini seeks up to $400M for IPO

Gemini is reportedly seeking to raise up to $400 million for the IPO. Some of the funds WOULD be used to boost the company’s growth, while the rest would finance debts. However, the U.S. SEC filing revealed that the exchange sought to raise $100 million for the IPO of its Class A common stock. The company also disclosed roughly $589.2 million in cash as of June 30, 2025. 

Gemini listed Goldman Sachs, Keefe, Needham & Company, Morgan Stanley, Cohen & Company Capital Markets, AmeriVet Securities, Citigroup, Mizuho, Rosenblatt, Truist Securities, Evercore ISI, Bruyette & Woods, and Cantor as its IPO underwriters. The company’s management also believes that potential exposure to legal action will not negatively affect the financial condition or operations.

However, Gemini reportedly claimed that crypto valuation changes and crypto loans materially affected its financial results. 

The company also recently disclosed that it would not pay dividends soon and would retain all earnings to fund its growth. Its capital spending history showed that the capex had continued to increase despite generating negative cash FLOW for operations. 

Gemini said it would focus on increasing the number of users transacting through its platform monthly as part of its growth strategy. It would also focus on increasing trading volume, further global expansion, asset base growth, and M&A deals.       

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