Gemini has filed for an initial public offering (IPO) on the NASDAQ under the ticker symbol GEMI with credit funding secured from industry ally Ripple.
The company, started by the Winklevoss twins more than a decade ago, targets to launch on the public markets following the success of Circle earlier in the summer and adhering to crypto activity demand from retail and institutions following the recent positive stablecoin legislation in the U.S., with hopes for the CLARITY Act to pass later this year.
The details include an option to launch a $75 million credit line from Ripple, with the potential to increase this to $150 million. This partnership is designed to bolster Gemini’s liquidity as it navigates the complexities of going public, particularly in a volatile market.
The credit facility allows Gemini to draw funds increments of $5 million or more, with an interest rate to range between 6.5% to 8.5%. The exchange may benefit from this to scale operations – in its S-1 filing, it reported a net loss of $282.5 million in the first half of 2025, with revenues of $67.9 million.
There is also a clause within the agreement that may also see the exchange receive later funding by utilizing Ripple’s own RLUSD stablecoin.
This underscores Ripple’s increasing influence in the financial sector, even as it remains a privately-held company with no immediate plans for an IPO.
