- Gemini’s new IPO filing reveals a massive loss of $282 million in the first half of 2025.
- To shore up its finances, the exchange has secured a $75 million credit line from its rival, Ripple.
- The deal comes as the Winklevoss-led company makes a high-stakes gamble on going public.
Crypto exchange Gemini is turning to a surprising source for a lifeline as it prepares to go public: its rival, Ripple Labs. The Winklevoss-led exchange has secured a $75 million credit line from Ripple, a deal disclosed in Gemini’s S-1 filing with the SEC that comes as the exchange is grappling with major losses.
Details on the Ripple-Gemini Deal
According to the filing, Gemini can borrow in increments of $5 million or more under the credit agreement, with interest rates reaching up to 8.5% annually. While the current borrowing cap stands at $75 million, it may be increased to $150 million subject to certain conditions.
Initially, Gemini can only draw in US dollars, but additional borrowing may be denominated in Ripple USD (RLUSD), a stablecoin Ripple launched in December 2024.
Related: ‘We’re Nearly Production Ready,’ Ripple CTO as XRP Breaks Key Support
The mechanism could serve as a strategic move to boost RLUSD’s adoption in the broader market.
Gemini Reports Losses in H1 2025
Gemini reported losses of nearly $282 million in the first half of 2025 alone, with liabilities surpassing $2 billion and cash reserves at just $162 million by midyear.
Despite these challenges, the Winklevoss twins, Gemini’s founders, are betting on favorable sentiment from a crypto-friendly Trump administration and strong investor appetite, following the billion-dollar IPOs of Circle and Bullish earlier this year.
Gemini plans to list on the Nasdaq under the ticker “GEMI,” with Goldman Sachs and Citigroup leading the offering.
Meanwhile, the SEC Delays the XRP ETF
The SEC on Monday delayed its decision on Nasdaq’s proposal to list the Coinshares XRP ETF, pushing the deadline from August 24 to October 23, 2025.
The regulator also postponed rulings on two additional XRP ETF applications from Bitwise and Canary. If approved, the Coinshares product would give investors regulated exposure to XRP through Nasdaq’s Commodity-Based Trust Shares framework.
According to the data provided by Polymarket, a decentralized, cryptocurrency-based prediction market, there is a 78% chance that an XRP ETF would be approved in the US. Meanwhile, Bloomberg analyst Eric Balchunas forecasted that XRP ETF approval could come as soon as September or October.
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