Ripple has stepped in as a crucial backer of Gemini’s upcoming Nasdaq listing, providing the crypto exchange with a $75 million credit line that could scale up to $150 million, according to the company’s SEC filing.
The deal also marks the debut of Ripple’s new dollar-backed stablecoin, RLUSD, which will become a borrowing option once the initial tranche is exhausted.
Gemini disclosed the financing as it formally filed for its initial public offering under the ticker “GEMI.” If successful, the exchange will become the third U.S. crypto trading platform to go public, following Coinbase in 2021 and Bullish earlier this month.
BREAKING:@Gemini has filed to go public on Nasdaq under the ticker $GEMI.
They’ve also entered into a credit agreement with Ripple to help raise funds for the IPO.
Crypto IPOs are officially taking over. pic.twitter.com/mC7JKyiJMn
— Milk Road (@MilkRoadDaily) August 18, 2025
The filing highlighted mounting financial pressure on Gemini. The exchange posted a $282.5 million net loss in the first half of 2025, nearly seven times greater than the year-ago period, while revenue fell to $67.9 million from $74.3 million. The facility from Ripple is designed to provide fresh liquidity as Gemini faces increasing investor scrutiny ahead of its listing.
Under the agreement, Gemini can borrow in tranches of at least $5 million at rates of 6.5% or 8.5%, secured by collateral. Once borrowing surpasses $75 million, loans may be issued in RLUSD—giving Ripple’s new stablecoin an immediate foothold within a major U.S. exchange and positioning it as a challenger to market leaders USDT and USDC. No funds have been drawn to date.
The IPO will be led by Goldman Sachs, Citigroup, Morgan Stanley, and Cantor Fitzgerald, with Academy Securities and AmeriVet Securities acting as co-managers.
Notably, Ripple recently issued a fraud alert after detecting a surge in YouTube-based scams impersonating its brand. CEO Brad Garlinghouse warned that hijacked accounts are being used to promote fake XRP giveaways, urging the community to remain vigilant as bad actors attempt to exploit Ripple’s growing visibility. Ripple publicly stated that neither it nor its executives will ever ask users to send XRP tokens, urging vigilance among users.
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