Cryptocurrency exchange Gemini has secured a $75 million secured revolving credit facility from Ripple Labs, with potential expansion to $150 million, as disclosed in its S-1 filing accepted by the SEC on August 15, 2025. The agreement allows Gemini to borrow in increments of at least $5 million at interest rates up to 8.5%, providing critical liquidity ahead of its Nasdaq debut under ticker GEMI.
Notably, borrowings beyond the initial $75 million can be funded in Ripple's US-dollar stablecoin RLUSD (subject to mutual consent), marking a strategic integration of stablecoin technology into traditional financing. This arrangement serves as a liquidity safety net for Gemini, which reported $68.6 million revenue and a $282.5 million net loss for H1 2025, alongside $162 million cash reserves against over $2 billion liabilities.
Goldman Sachs and Citigroup are leading the IPO, with proceeds earmarked for corporate purposes and debt repayment. The filing highlights Gemini's 14.6 million verified users and $12 billion in assets under custody. While Ripple leverages this deal to boost RLUSD adoption since its December 2024 launch, the company confirmed no immediate plans for its own IPO.