Gemini Files for $150M Credit Facility and Eyes IPO on NASDAQ

Gemini Space Station, Inc. has officially moved forward with its highly anticipated initial public offering (IPO), filing an S-1 form with the U.S. Securities and Exchange Commission (SEC) on Friday. The company, founded by the Winklevoss twins, is seeking to list on the NASDAQ under the ticker symbol “GEMI.” This would make Gemini the third cryptocurrency exchange to go public in the U.S., joining Coinbase and Bullish [1]. The IPO filing reveals a $150 million credit facility with Ripple, which provides Gemini with the flexibility to access loans of at least $5 million at an interest rate of either 6.50% or 8.50%. The financing must be secured by collateral, and further funding, if needed, could be provided in Ripple’s dollar-backed stablecoin, RLUSD [1].

The financial disclosures highlight a challenging operating environment. For the first half of 2025, Gemini reported a net loss of $282.5 million, a significant increase from $41.4 million in the same period in 2024. Revenue also declined to $68.6 million from $74.3 million [1]. These figures underscore the broader struggles of crypto-native businesses amid a market that has dipped below $4 trillion in total value, with major cryptocurrencies such as Bitcoin and Ethereum showing reduced momentum [2].

Gemini’s IPO strategy is being supported by major financial institutions, with Goldman Sachs and Citigroup serving as lead underwriters. This marks a shift as crypto firms increasingly seek to align with traditional finance to enhance credibility and attract public market investors [3]. However, the IPO roadshow will serve as a test of how exchanges must adapt to meet public market expectations, particularly around profitability and financial transparency.

The partnership with Ripple is notable given Ripple’s own legal and regulatory challenges. The involvement of XRP’s parent company in Gemini’s capital structure may offer insights into how crypto businesses are navigating complex regulatory landscapes while still managing liquidity and growth [1]. At the same time, Gemini’s inclusion in a new cryptocurrency project’s listing plan, alongside Coinbase and other major exchanges, signals continued confidence in its regulatory approach and market position [4].

As Gemini prepares for its public debut, the focus will remain on how it balances strategic partnerships with the expectations of public shareholders. The outcome could provide a template for other crypto exchanges looking to transition from private operations to publicly traded entities.

Source:

[1] https://coinmarketcap.com/community/articles/68a4dc65e6df8810f3cc2180/

[2] https://nai500.com/blog/2025/08/crypto-market-slides-below-4-trillion-as-btc-eth-cool/

[3] https://mlq.ai/news/

[4] https://rsscrypto.com/