Ripple has emerged as a key backer of Gemini’s upcoming IPO, providing the exchange with a $75 million credit line that could expand to $150 million.
Key Takeaways:
Ripple extends $75M credit line to Gemini, with potential to reach $150M and RLUSD as a borrowing option. Gemini files for IPO under ticker “GEMI,” aiming to become the third U.S. crypto exchange to go public. The exchange reported a $282.5M net loss in H1 2025, highlighting steep financial headwinds ahead of listing.The deal also introduces Ripple’s new stablecoin, RLUSD, as a borrowing option once the initial facility is tapped, according to the exchange’s SEC filing.
Gemini, which plans to list on Nasdaq under the ticker “GEMI”, disclosed the agreement as it filed for its long-anticipated public offering.
Gemini Set to Become Third U.S. Crypto Exchange to Go Public
The move positions Gemini to become the third crypto exchange to go public in the U.S., following Coinbase in 2021 and Bullish earlier this month.
The filing also underscored Gemini’s financial headwinds. The exchange reported a $282.5 million net loss in the first half of 2025, up nearly sevenfold from the same period last year, while revenue slid to $67.9 million from $74.3 million.
Under the agreement with Ripple Labs, Gemini can borrow in tranches of at least $5 million, at interest rates of 6.5% or 8.5%, secured by collateral.
Once borrowing surpasses $75 million, loans can be denominated in RLUSD, giving Ripple’s dollar-backed stablecoin a direct entry point into U.S. exchange infrastructure.
No funds have been drawn yet, but the inclusion of RLUSD signals Ripple’s ambition to compete with Tether’s USDT and Circle’s USDC, which dominate the stablecoin market.
For Gemini, the facility offers fresh liquidity at a pivotal moment, as investor scrutiny intensifies ahead of its listing.
Wall Street Giants Line Up to Lead Deal
Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald will lead the deal, with Academy Securities and AmeriVet Securities as co-managers.
The filing arrives amid heightened investor interest in crypto listings. Circle’s June debut saw shares surge nearly 10x from the $31 offering price before settling at $149.
Earlier this week, institutional exchange Bullish more than tripled from its $37 IPO price on its first trading day, closing near $70 on Friday.
Several other crypto firms, including OKX, Grayscale, and Kraken, have either hinted at or initiated plans to go public. Meanwhile, listed industry leaders like Coinbase and MicroStrategy have recently hit multi-year highs.
The IPO push comes as the regulatory climate shifts in favor of digital assets. Since President Trump’s return to office in January, the SEC has dropped most cases against crypto firms.
The Trump administration has also advanced its pro-crypto agenda with a series of policy and regulatory moves.
President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies.
If implemented, the reforms could allow millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels.
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