tl;dr
Crypto exchange Gemini has secured a $75 million credit line from Ripple Labs to address financial losses, with borrowing initially in USD and potential future loans in Ripple's stablecoin RLUSD. Gemini reported losses of nearly $282 million in H1 2025, with liabilities over $2 billion and cash rese...
Crypto exchange Gemini is turning to an unexpected ally in its pursuit to go public: Ripple Labs. In a recent SEC S-1 filing, Gemini disclosed securing a $75 million credit line from its rival Ripple, a move aimed at navigating through significant financial losses. This credit agreement allows Gemini to borrow in $5 million increments at interest rates up to 8.5% per annum, with the potential to increase the borrowing cap to $150 million under certain conditions.
Initially, Gemini’s borrowing will be limited to US dollars, but future loans may be denominated in Ripple’s stablecoin, Ripple USD (RLUSD), launched in December 2024. This strategic collaboration could serve to increase RLUSD adoption across the broader crypto market.
Gemini has been facing considerable financial challenges, reporting losses nearing $282 million in the first half of 2025 alone. Liabilities have exceeded $2 billion, while cash reserves stood at a mere $162 million midyear. Despite these hurdles, the Winklevoss twins remain optimistic, leveraging anticipated positive sentiment under a crypto-friendly Trump administration and buoyed by recent billion-dollar IPOs like Circle and Bullish. Gemini plans to list on Nasdaq under the ticker “GEMI,” with Goldman Sachs and Citigroup spearheading the offering.
In parallel, the SEC has postponed its decision on the Nasdaq proposal to list the Coinshares XRP ETF, extending the decision deadline from August 24 to October 23, 2025. Similar delays have affected other XRP ETF applications from Bitwise and Canary. If approved, the Coinshares ETF would provide regulated exposure to XRP through Nasdaq’s Commodity-Based Trust Shares framework. Prediction markets indicate a 78% approval chance, and prominent analyst Eric Balchunas predicts the ETF could be greenlit as early as September or October this year.