Ripple provides collateralized loans to Gemini ahead of Nasdaq listing

Ripple provided a $75 million secured credit facility to Gemini, according to documents filed for the exchange's planned Nasdaq listing. Gemini seeks to trade under the ticker symbol “GEMI.”

Gemini disclosed the credit agreement with Ripple Labs in its S-1 filing, dated July 2025. The facility allows access to $75 million in loans with an option to expand to $150 million if specific conditions are met. Gemini has not drawn any funds from the facility as of the filing date.

The credit terms require minimum drawdowns of $5 million per borrowing. Interest rates are set at either 6.5% or 8.5% depending on the tranche. The agreement includes collateral requirements. 

If the facility expands beyond the initial $75 million, additional borrowings can be denominated in RLUSD, Ripple's dollar-backed token, rather than traditional dollars.

The RLUSD denomination option for expanded borrowings ties the facility directly to Ripple's own digital asset products. This creates a potential revenue stream for Ripple through both interest payments and potential RLUSD usage.

Gemini filed its IPO documents confidentially in June 2025 and made them public on August 15. The exchange plans to use proceeds for general corporate purposes and to repay existing third-party debt. No pricing details were included in the filing.

The exchange reported a net loss of $282.5 million in the first half of 2025 on revenue of $68.6 million. This compares to a $41.4 million loss on $74.3 million in revenue for the same period in 2024. Gemini’s losses deepened year-over-year despite lower revenue.

If successful, Gemini would become the third U.S.-listed crypto exchange. Coinbase went public on Nasdaq in 2021, while Bullish recently listed on the New York Stock Exchange. Gemini operates in more than 60 countries and supports dozens of different tokens. Cameron and Tyler Winklevoss founded the exchange in 2014.