Ripple Fuels Gemini’s IPO Ambitions with $75M Lifeline—Crypto Titans Collide

Ripple just threw Gemini a $75 million lifeline—and crypto’s power dynamics just got a lot more interesting.

Why it matters: This isn’t just a loan. It’s a strategic play that could reshape the IPO landscape for crypto exchanges.

The deal: Ripple’s credit line gives Gemini firepower to chase its Wall Street dreams. Because nothing says 'legitimacy' like borrowing fiat to impress traditional investors.

Between the lines: Watch how fast crypto firms pivot from 'decentralize everything' to 'please accept us, bankers' when IPO whispers start.

The bottom line: In the high-stakes poker game of crypto finance, Ripple just called Gemini’s bluff—and upped the ante for everyone.

TLDR

• Gemini secured a $75 million credit line from Ripple, extendable to $150 million, with loans carrying 6.5%-8.5% interest rates
• The exchange reported a net loss of $282.5 million in the first half of 2025, up from $41.4 million in the same period last year
• Loans over $75 million can be denominated in Ripple’s RLUSD stablecoin, expanding its institutional use case
• Gemini plans to go public on Nasdaq under ticker “GEMI,” potentially becoming the third U.S. crypto exchange to trade publicly
• Major investment banks including Goldman Sachs, Citi, and Morgan Stanley are underwriting the IPO

Gemini has arranged a $75 million credit line from Ripple Labs as the cryptocurrency exchange prepares for its public debut on Nasdaq. The deal, disclosed in SEC filings on August 15, allows Gemini to borrow up to $150 million under certain conditions.

The credit agreement requires minimum loan amounts of $5 million. Interest rates range from 6.5% to 8.5%, secured by collateral from Gemini.

Gemini filed to go public under the ticker symbol “GEMI” on Nasdaq. The move would make it the third U.S. cryptocurrency exchange to trade publicly, following Coinbase in 2021 and Bullish last week.

The exchange reported challenging financials in its IPO filing. Net losses reached $282.5 million in the first half of 2025, compared to $41.4 million in the same period last year.

Revenue dropped to $67.9 million from $74.3 million year-over-year. The losses reflect broader struggles facing crypto exchanges dealing with regulatory pressure and market volatility.

RLUSD Integration Expands Stablecoin Use

Once loans exceed the initial $75 million threshold, Gemini can request funds in Ripple’s RLUSD stablecoin. Both parties must agree to use the dollar-backed digital currency for these transactions.

As of the filing date, Gemini had not drawn any funds from the credit facility. However, the arrangement signals institutional adoption of RLUSD beyond traditional payment rails.

RLUSD operates on both the XRP Ledger and ethereum networks. The stablecoin competes with market leaders Tether’s USDT and Circle’s USDC for settlement services.

The credit line puts RLUSD in direct competition as a settlement option for a major U.S. trading platform. This represents an early test of Ripple’s strategy to challenge dominant stablecoin providers.

Gemini has restructured its corporate setup to handle regulatory requirements. The company split operations between Gemini Trust in New York and Moonbase in Florida to comply with New York’s BitLicense rules.

Investment Banking Support

Goldman Sachs leads the underwriting team for Gemini’s IPO. Other major banks include Citi, Morgan Stanley, and Cantor Fitzgerald.

The banking support indicates Wall Street confidence in crypto exchange business models. Public markets have shown mixed reception to cryptocurrency companies since Coinbase’s 2021 debut.

Bullish, which owns CoinDesk, completed its public listing on the New York Stock Exchange one week before Gemini’s filing. The timing suggests renewed investor interest in crypto infrastructure companies.

Gemini’s IPO proceeds will support growth strategy and competitive positioning. The exchange faces intense competition from established players like Coinbase and newer entrants in the U.S. market.

The Ripple credit facility provides immediate liquidity ahead of the public offering. This financial backing could strengthen Gemini’s balance sheet presentation to potential investors.

As of August 2025, a principal balance was outstanding under the credit agreement, confirming active use of the facility.